MIRA INFORM REPORT

Report Date :

14.06.2014

IDENTIFICATION DETAILS

Name :	SAI MACHINE TOOLS PRIVATE LIMITED
Registered Office :	Plot No.23-D, Sector-A, Industrial Area, Sanwer Road, Indore - 452 003, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.04.1989
Com. Reg. No.:	11-005207
Capital Investment / Paid-up Capital :	Rs. 7.080 Millions
CIN No.: [Company Identification No.]	U28939MP1989PTC005207
IEC No.:	1197000160
TAN No.: [Tax Deduction & Collection Account No.]	BPLS02358G
PAN No.: [Permanent Account No.]	AADCS9549L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Processing Machinery.
No. of Employees :	More than 100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company is low. However, trade relation are fair. 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.2,453.2 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 PARTED BY (General Details)

Name :	Mr. Ajay Jaiswal
Designation :	Director
Contact No.:	91-9425060060
Date :	07.06.2014

LOCATIONS

Registered Office/ Factory :	Plot No.23-D, Sector-A, Industrial Area, Sanwer Road, Indore - 452 003, Madhya Pradesh, India
Tel. No.:	91-731-2722436, 2720504, 2720521, 4023324, 4081200-206
Mobile No.:	91-9425060060 (Mr. Ajay Jaiswal)
Fax No.:	91-731-2721831, 4081222
E-Mail :	response@smitndore.com smtpl@sancharnet.in akgroc@yahoo.com saimachinetools@hotmail.com
Web Site:	http://www.smtindore.com http://www.saimachinetools.com
Area:	45000 sq ft
Location :	Owned

DIRECTORS

As on: 30.092013

Name :

Mr. Ashok Kumar Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

18.10.1955

Date of Appointment :

13.04.1989

DIN No.:

01590607

Name :

Ms. Vandana Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

04.04.1957

Date of Appointment :

13.04.1989

DIN No.:

01618220

Name :

Mr. Vishal Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

08.12.1978

Date of Appointment :

30.06.1998

DIN No.:

01741062

Name :

Mr. Ajay Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

15.08.1980

Date of Appointment :

01.04.2008

DIN No.:

01754887

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	U25202MP1998PTC013100	ASHOKA POLYPLAST PRIVATE LIMITED	DIRECTOR	27-09-03	27-09-03	-	ACTIVE	NO
2	U28939MP1989PTC005207	SAI MACHINE TOOLS PRIVATE LIMITED	DIRECTOR	01-04-08	01-04-08	-	ACTIVE	NO

Name :

Mrs. Niharika Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

11.04.1985

Date of Appointment :

10.04.2009

DIN No.:

03388509

Name :

Mrs. Shikha Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

28.08.1982

Date of Appointment :

10.04.2009

DIN No.:

01755236

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	U25202MP1998PTC013100	ASHOKA POLYPLAST PRIVATE LIMITED	DIRECTOR	27/09/2003	27/09/2003	-	ACTIVE	NO
2	U28939MP1989PTC005207	SAI MACHINE TOOLS PRIVATE LIMITED	DIRECTOR	10/04/2009	10/04/2009	-	ACTIVE	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Ashok Jaiswal	3449
Vishal Jaiswal	6974
Vandana Jaiswal	30425
Praveen C. Jaiswal	3184
Naveenchand Jaiswal	2138
Niharika Jaiswal	6540
Shikha Jaiswal	6940
Poonam Jaiswal	2160
Ajay Jaiswal	8980
Ram Murti Yadav	10
Total	70800

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Processing Machinery.
Products :	v Single Screw Extruder o HDPE Pipe Plant o Suction Hose Pipe Plant Co-extrusion o Soft PVC Garden Tubing Plant o Single Screw RPVC Pipe Plant o Wire and Cable Coating Plant v Twin Screw Extruder o Twin Screw RPVC and Profile Extruder o PVC Compounding Mixer v Post Extrusion Equipments o Vacuum Sizing Tank o Haul Off o Automatic Cutter o "O" Ring Socketing o Scrap Grinder o Twin Die Head v Blown Film Plant o PP Blown Film Plants o Multilayer Blown Film Plants o Hips Blown Film Plants o LDPE/HDPE/LLDPE/HMDPE Blown Film Plants o Monofilament/Box Strapping Plant o PVC Blown Film Plant v PPR 3 Layer Pipe Plant
Exports :
Products :	Plastic Processing Machinery
Countries :	v African Countries v European Countries
Imports :
Products :	Raw Materials
Countries :	v Germany v Italy
Terms :
Selling :	Cash and Credit (30/ 60 days)
Purchasing :	Cash and Credit (30/ 60 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

More than 100 (Approximately)

Bankers :

Punjab National Bank, Sanwer Road Branch, Marimata Chouraha, Indore – 452 003, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term loan from Punjab national bank	6.450	9.933
SHORT TERM BORROWINGS	0	0
Working capital loans repayable on demand From Punjab National Bank	50.207	31.266
Total	56.657	41.199

Banking Relations :	--
Financial Institutions :	Intec Capital Limited, 701, Manjusha, 57, Nehru Place, New Delhi – 110 019, India
Auditors :
Name :	Anil Kamal Garg and Company Chartered Accountants
Address :	1^st Floor, Kuber Palace, 35, Jaora Compound, Opposite M.Y. Hospital, Indore - 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2704354/ 2700940
Income-tax PAN of auditor or auditor's firm :	AAHFA7509B
Memberships :	AIPMA (All India Plastics Manufacturers Association)
Associates :	SMT Machine Fabrics

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70800	Equity Shares	Rs.100/- each	Rs. 7.080 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	7.080	5.000	5.000
(b) Reserves & Surplus	29.197	19.867	15.384
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.016	0.000	0.000
Total Shareholders’ Funds (1) + (2)	36.293	24.867	20.384
(3) Non-Current Liabilities
(a) long-term borrowings	14.197	28.720	12.304
(b) Deferred tax liabilities (Net)	4.467	4.104	2.119
(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)	18.664	32.824	14.423
(4) Current Liabilities
(a) Short term borrowings	50.207	31.266	31.529
(b) Trade payables	47.485	69.667	56.562
(c) Other current liabilities	35.252	34.403	87.224
(d) Short-term provisions	1.682	1.914	1.107
Total Current Liabilities (4)	134.626	137.250	176.422
TOTAL	189.583	194.941	211.229
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.578	39.178	22.688
(ii) Intangible Assets	0.238	0.288	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.629	4.536	3.781
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	41.445	44.002	26.469
(2) Current assets
(a) Current investments	0.317	0.150	0.034
(b) Inventories	62.150	44.429	86.855
(c) Trade receivables	66.362	54.412	28.812
(d) Cash and cash equivalents	1.602	2.116	1.477
(e) Short-term loans and advances	17.124	47.853	66.472
(f) Other current assets	0.583	1.979	1.110
Total Current Assets	148.138	150.939	184.760
TOTAL	189.583	194.941	211.229

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	181.504	314.587	332.683
		Other Income	0.648	0.953	4.063
		TOTAL	182.152	315.540	336.746
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	179.273	311.051	332.696
	PROFIT BEFORE TAX		2.879	4.489	4.050
Less	TAX		1.453	2.006	1.241
	PROFIT AFTER TAX		1.426	2.483	2.809
	EARNINGS IN FOREIGN CURRENCY		16.370	24.309	7.509
	Earnings Per Share (Rs.)		20.14	NA	93.62

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.78	0.79	0.83
Net Profit Margin (PBT/Sales)	(%)	1.59	1.43	1.22
Return on Total Assets (PBT/Total Assets}	(%)	1.52	2.30	1.92
Return on Investment (ROI) (PBT/Networth)		0.08	0.18	0.20
Debt Equity Ratio (Total Debt /Networth)		1.77	2.41	2.15
Current Ratio (Current Asset/Current Liability)		1.10	1.10	1.05

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	5.000	5.000	7.080
Reserves & Surplus	15.384	19.867	29.197
Net worth	20.384	24.867	36.277
long-term borrowings	12.304	28.720	14.197
Short term borrowings	31.529	31.266	50.207
Total borrowings	43.833	59.986	64.404
Debt/Equity ratio	2.150	2.412	1.775

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	332.683	314.587	181.504
		(5.439)	(42.304)

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	332.683	314.587	181.504
Profit	2.809	2.483	1.426
	0.84%	0.79%	0.79%

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	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	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10356699	22/05/2012	5,220,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI -  110019, INDIA	B39977582
2	90205963	01/10/2012 *	73,400,000.00	PUNJAB NATIONAL BANK	SANWER ROAD, MARI MATA SQUARE, INDORE, MADHYA P  RADESH - 452001, INDIA	B62211297
3	90205772	15/02/2002	860,000.00	PUNJAB NATIONAL BANK	SANWER ROAD, INDORE, MADHYA PRADESH, INDIA	-
4	90208486	14/08/2003 *	1,000,000.00	PUNJAB NATIONAL BANK	SANWER ROAD, INDORE, MADHYA PRADESH, INDIA	-
5	90203010	04/01/1995	300,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, A. B. ROAD, INDORE, MADHYA PRADESH  - 452001, INDIA	-
6	90204994	04/01/1995	400,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, A. B. ROAD, INDORE, MADHYA PRADESH  , INDIA	-

* Date of charge modification

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
From Directors	3.666	10.080
From Shareholders	0.159	0.034
Other loan from Shareholders	0.200	0.200
Other loan from Body Corporate	3.722	8.473
Total	7.747	18.787

FIXED ASSETS:

v Land (Leasehold)

v Land (Leasehold) [HTMD]

v Land at Bhorasala

v Agricultural Land at Bhorasala

v Agricultural Land at Alwasa

v Road and Site Development

v Tube Well

v Factory Building

v Shed at Bhorsala

v Plant and Machinery

v Air Conditioner

v Electric Installation

v Office Equipments

v Generator

v Furniture and Fixture

v Cycle

v Car

v Motor Cycle

v Honda Activa

v Car (Wagon-R)

v Car (Swift)

v Computers

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.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	SBN

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.