MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	GYAN GANGA LIMITED
Formerly Known As :	GYAN GANGA DISTRIBUTORS PRIVATE LIMITED
Registered Office :	5/3, Rajeshwari Niranjan, North S.K. Puri, Patna – 800013, Bihar
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.02.1994
Com. Reg. No.:	03-005734
Capital Investment / Paid-up Capital :	Rs.19.708 Millions
CIN No.: [Company Identification No.]	U52396BR1994PLC005734
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading of Books and Stationery Items.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by thin profitability levels and low reserve of the company. However, trade relations are air. Business is active. Payment terms are slow but correct. 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 – 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED BY

Name :	Mr. Siddharth Singh
Designation :	Not Divulged
Contact No.:	91-9934013009
Date :	31.05.2014

LOCATIONS

Registered Office :	5/3, Rajeshwari Niranjan, North S.K. Puri, Patna – 800013, Bihar, India
Tel. No.:	91-612-5223011 / 2261093
Mobile No.:	91-9934013009 (Mr. Siddharth Singh)
Fax No.:	91-612-2571093 / 2261093
E-Mail :	ca_firm@rediffmail.com ggpvtltd@gmail.com ggpvtltd@satyam.net.in
Website :	http://gyangangaltd.com
Publication Sector :	“RAMESHWARAM" L/5 Road No- 8, Sri Krishna Nagar, Patna, Bihar, India
Tel. No.:	91-612-2523011 / 3216051
Garment Sector :	Ashodaya House, Nala Par, Gokul Path , Patel Nagar – 800024
Tel. No.:	91-612-2270255
Construction Sector :	M-2/36, S.K Puri, Boring Road, Patna- 800001, Bihar, India
Distribution Network :	Located At : Boring Road, Patna, Bihar, India Kadam Kuan, Patna, Bihar, India Naya Tola, Patna, Bihar, India Ranchi, Jharkhand, India Bhagalpur, Bihar, India Varanasi, Uttar Pradesh, India
Branch Offices :	Located At : Varanasi Bhagalpur Ranchi

DIRECTORS

As on 30.09.2013

Name :

Mr. Bharat Singh

Designation :

Managing Director

Address :

Gyan Ganga Bhavan, Gokul Path, Patel Nagar, Patna – 800013, Bihar, India

Date of Birth/Age :

09.07.1953

Date of Appointment :

28.02.1994

DIN No.:

00023350

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	U52396BR1994PLC005734	GYAN GANGA LIMITED	Managing director	28/02/1994	28/02/1994	-	Active	NO
2	U22110DL2005PTC138073	SRIJAN PUBLISHERS PRIVATE LIMITED	Director	28/06/2005	28/06/2005	-	Active	NO
3	U51909DL2007PTC165018	FRIENDS HANDICRAFTS EXIM PRIVATE LIMITED	Additional director	03/06/2011	03/06/2011	-	Active	NO

Name :

Mr. Uday Pratap Singh

Designation :

Director

Address :

Gyan Ganga Bhavan, Gokul Path, Patel Nagar, Patna – 800013, Bihar, India

Date of Birth/Age :

22.12.1965

Date of Appointment :

28.02.1994

DIN No.:

01636298

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	U52396BR1994PLC005734	GYAN GANGA LIMITED	Director	28/02/1994	28/02/1994	-	Active	NO
2	U45200BR2010PTC015606	GYAN GANGA CONSTRUCTIONS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO

Name :

Mr. Tarkeshwar Singh

Designation :

Director

Address :

Gyan Ganga Bhavan, Gokul Path, Patel Nagar, Patna – 800013, Bihar, India

Date of Birth/Age :

22.06.1950

Date of Appointment :

28.02.1994

DIN No.:

01636318

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	U52396BR1994PLC005734	GYAN GANGA LIMITED	Director	28/02/1994	28/02/1994	-	Active	NO
2	U45200BR2010PTC015606	GYAN GANGA CONSTRUCTIONS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO

Name :

Mr. Manish Kumar Singh

Designation :

Director

Address :

Gyan Ganga Bhavan, Gokul Path, Patel Nagar, Patna – 800013, Bihar, India

Date of Birth/Age :

11.11.1984

Date of Appointment :

01.04.2003

DIN No.:

01990257

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	U52396BR1994PLC005734	GYAN GANGA LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
2	U45200BR2010PTC015606	GYAN GANGA CONSTRUCTIONS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO
3	U51909DL2007PTC165018	FRIENDS HANDICRAFTS EXIM PRIVATE LIMITED	Additional director	03/06/2011	03/06/2011	-	Active	NO

Name :

Mr. Alok Kumar Singh

Designation :

Director

Address :

Gyan Ganga Bhavan, Gokul Path, Patel Nagar, Patna – 800013, Bihar, India

Date of Birth/Age :

15.11.1982

Date of Appointment :

01.08.2001

DIN No.:

01990258

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	U52396BR1994PLC005734	GYAN GANGA LIMITED	Director	01/08/2001	01/08/2001	-	Active	NO
2	U45200BR2010PTC015606	GYAN GANGA CONSTRUCTIONS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Bharat Singh	67130
Tarkeshwar Singh	11745
Uday Pratap Singh	11861
Rajeev Ranjan Singh	10000
Indu Singh	800
Meera Singh	800
Usha Singh	830
Sarita Singh	800
Ramawati Devi	800
Tarkeshwar Singh (HUF)	52316
Manish Kumar Singh	10000
Alok Singh	10000
Siddharth Singh	10000
Mayank Singh	10000
Total	197082

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Books and Stationery Items.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

Bank of Baroda, Sri Krishnapuri Branch, Naval Arcade, Sri Krishnapuri, Boring Road, Patna - 800001, Bihar, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Cash Credit *	13.863	10.082
Total	13.863	10.082

Notes:

Cash credit limit (hypo.) from a scheduled bank against hypothecation of stock in trade and other current. Also guaranteed by the directors of the company in their personal capacity.

*includes cheques issued to creditors/ suppliers but not presented by them till the date balance sheet.

The relevant charge has already been registered with the Ministry of Corporate Affairs on the website maintained by them.

Banking Relations :	--
Auditors :
Name :	Nirmal and Associates Chartered Accountants
Address :	Nepali Kothi, Opposite Gasoline Petrol Pump, Boring Road, Patna – 800001, Bihar, India
PAN No.:	AADFN3883F

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
197082	Equity Shares	Rs.10/- each	Rs.19.708 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	19.708	19.708	19.708
(b) Reserves & Surplus	17.721	14.178	11.222
(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)	37.429	33.886	30.930
(3) Non-Current Liabilities
(a) long-term borrowings	13.863	10.082	0.000
(b) Deferred tax liabilities (Net)	0.164	0.144	0.137
(c) Other long term liabilities	(0.336)	0.403	1.578
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.691	10.629	1.715
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	255.081	205.487	212.363
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	1.564	1.359	1.295
Total Current Liabilities (4)	256.645	206.846	213.658
TOTAL	307.765	251.361	246.303
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.258	2.603	2.126
(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	0.123	0.029	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.904	1.515	1.212
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.285	4.147	3.338
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	111.429	82.359	92.762
(c) Trade receivables	216.462	178.262	145.166
(d) Cash and cash equivalents	(26.316)	(11.352)	(6.401)
(e) Short-term loans and advances	0.905	(2.055)	11.438
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	302.480	247.214	242.965
TOTAL	307.765	251.361	246.303

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	481.847	449.193	388.883
		Other Income	0.116	0.204	0.000
		TOTAL (A)	481.963	449.397	388.883
Less	EXPENSES
		Cost of Materials Consumed	461.650	394.335	323.204
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(29.070)	10.403	30.052
		Employee Benefits Expenses	16.046	14.500	12.983
		Other Expenses	26.796	23.667	17.458
		Exceptional Items	0.000	(0.479)	0.000
		Extraordinary Items	0.000	1.846	0.000
		TOTAL (B)	475.422	444.272	383.697
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.541	5.125	5.186
Less	FINANCIAL EXPENSES (D)		1.147	0.483	0.843
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.394	4.642	4.343
Less	DEPRECIATION/ AMORTISATION (F)		0.267	0.222	0.426
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		5.127	4.420	3.917
Less	TAX (H)		1.584	1.366	1.248
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		3.543	3.054	2.669
	Earnings Per Share (Rs.)		1.06	0.98	1.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.74	0.68	0.69
Net Profit Margin (PBT/Sales)	(%)	1.06	0.98	1.01
Return on Total Assets (PBT/Total Assets}	(%)	1.67	1.76	1.59
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.13
Debt Equity Ratio (Total Debt /Networth)		0.37	0.30	0.00
Current Ratio (Current Asset/Current Liability)		1.18	1.20	1.14

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	19.708	19.708	19.708
Reserves & Surplus	11.222	14.178	17.721
Net worth	30.930	33.886	37.429
long-term borrowings	0.000	10.082	13.863
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	10.082	13.863
Debt/Equity ratio	0.000	0.298	0.370

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	388.883	449.193	481.847
		15.509	7.269

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	388.883	449.193	481.847
Profit	2.669	3.054	3.543
	0.69%	0.68%	0.74%

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	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

CORPORATE INFORMATION:

The company was incorporated on 28.12.1994. The company identification Number (CIN) allotted to the company is U52396BR1994PLC005734. The company is engaged in trading of books and stationery items.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10402378	03/12/2013 *	35,000,000.00	Bank of Baroda	Sri Krishnapuri Branch, Naval Arcade, Sri Krishnapuri, Boring Road, Patna, Bihar - 800001, India	B90940982
2	10324600	28/12/2011	10,000,000.00	BANK OF BARODA	Sri Krishnapuri, Naval Arcade, Patna, Bihar - 800001, India	B28366227
3	90263537	04/12/2004 *	6,600,000.00	BANK OF BARODA	S. K. Puri, Patna, Bihar, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.