MIRA INFORM REPORT

Report Date :

21.05.2014

IDENTIFICATION DETAILS

Name :	KARAN POLYMERS PRIVATE LIMITED
Registered Office :	56-E, Hemant Basu Sarani, Stephen House, 4^th Floor, Room No. 57ABC, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.1997
Com. Reg. No.:	21-084089
Capital Investment / Paid-up Capital :	Rs. 28.567 Millions
CIN No.: [Company Identification No.]	U28113WB1997PTC084089
IEC No.:	0298017326
TAN No.: [Tax Deduction & Collection Account No.]	CALK02324A
PAN No.: [Permanent Account No.]	AABCK3114F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PVC Pipes and Fitting, Master Batches etc.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 430000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profit margin of the company appears to be low. However, general financial position of the company appears to be sound and healthy. Trade relations are reported to be fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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. Shyamlal Agarwal
Designation :	Director
Contact No.:	91-9830036400
Date :	09.05.2014

LOCATIONS

Registered Office :	56-E, Hemant Basu Sarani, Stephen House, 4^th Floor, Room No. 57ABC, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22623124/ 3125/ 22433640/ 22429745/ 22431498
Mobile No.:	91-9830036400 [Mr. Shyamlal Agarwal]
Fax No.:	91-33-22433091
E-Mail :	info@karanpolymers.com karan@cal3.vsnl.net.in pkaco_ca@yahoo.co.in
Website :	www.karanpolymers.com www.karanpolymers.net
Area:	600 Sq. ft
Location :	Rented
Factory :	Jalan Industrial Complex 29.5 Mile Stone Bipparanna Para, Damjur, Hawrah, West Bengal, India
Area:	10000 Sq. ft.
Location:	Owned

DIRECTORS

AS ON 25.09.2013

Name :

Mr. Shyamlal Agarwal

Designation :

Director

Address :

5, Camac Street, 8^th Floor, Flat No. F /8, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

03.12.1971

Qualification :

B. Com

Date of Appointment :

25.04.1997

DIN No.:

00115643

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	U28113WB1997PTC084089	KARAN POLYMERS PRIVATE LIMITED	Director	25/04/1997	25/04/1997	-	Active	NO
2	U65999WB1995PTC067719	MALSONS POLYMERS PRIVATE LIMITED	Director	29/09/2008	06/05/2008	18/04/2012	Active	NO
3	U45400WB2009PTC137800	ANUJ NIRMAN PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO
4	U45400WB2009PTC137796	KUNAL FOUNDATION PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO

Name :

Mr. Mal Chand Agarwal

Designation :

Director

Address :

5, Camac Street, 8^th Floor, Flat No. F /8, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

23.06.1944

Date of Appointment :

25.04.1997

DIN No.:

00118006

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	U25209TN1995PTC032605	ROLEX PLASTIC PRIVATE LIMITED	Director	16/08/1995	16/08/1995	-	Active	NO
2	U28113WB1997PTC084089	KARAN POLYMERS PRIVATE LIMITED	Director	25/04/1997	25/04/1997	-	Active	NO
3	U65999WB1995PTC067719	MALSONS POLYMERS PRIVATE LIMITED	Director	29/09/2008	06/05/2008	-	Active	NO

Name :

Mrs. Varsha Agarwal

Designation :

Director

Address :

5, Camac Street, 8^th Floor, Flat No. F /8, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

12.01.1978

Qualification :

B A

Date of Appointment :

10.09.2005

DIN No.:

00115798

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2013

Names of Shareholders	No. of Shares
Mal Chand Agarwal	95100
Shyam Lal Agarwal	167600
Shakuntala Devi Agarwal	11000
Shikha Agarwal	770000
Mal Chand Agarwal and Sons HUF	42500
Anil Agarwal	87000
Kusum Management Services Private Limited (India)	50000
Vidyadhar Agarwal	15000
Shakuntala Devi Agarwal	650000
Varsha Agarwal	90000
Reliance Finvest Private Limited (India)	50000
Anil Agarwal and Sons (HUF)	50000
S.L. Agarwal and Sons HUF	200000
Kunal Foundation Private Limited (India)	402500
Angoora Tradefin Private Limited, India	14000
Anupam Advisory Private Limited, India	12000
Artline Vinimay Private Limited, India	24000
Doonvalley Finance and Leasing Limited, India	12000
Drake Commercial Private Limited, India	8000
Kartick Commercials and Financiers Private Limited, India	28000
Kavery Trading and Holding Private Limited, India	12000
Kokila Exports Private Limited, India	8000
Motorex Finance Private Limited, India	12000
Oven Commercials Private Limited, India	12000
P. G. Commercials Private Limited, India	20000
Sidlaw Commercials Private Limited, India	14000
Total	2856700

AS ON 25.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	23.75
Directors or relatives of directors	75.34
Other top fifty shareholders	0.91
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PVC Pipes and Fitting, Master Batches etc.

Products/ Services :

ITC Code No.	Product Descriptions
391710	PVC Rigid Pipes
39.15	PVC Parings Scrap

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Actual Production
Rigid PVC Pipes	Mtrs	1392781
Rigid PVC Strainer	Mtrs	83008
Rigid PVC Pipe Fittings	Pcs.	138816
Rigid PVC Parings and Scrap	Kgs.	129772
Solvent Cement	Ltrs.	4245
SWR Pipes	Mtrs.	36648

Note:

As per management Licensed Capacity is not applicable and installed capacity is not ascertained and being of technical nature accepted without verification.

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

40 (Approximately)

Bankers :

· State Bank of India. SSI Branch, Bhowanipore, 39 Shakespeare Sarani, Kolkata – 700017, West Bengal, India

· Citi Bank N.A., Kanak Building, 41 Chowringhee Road, Kolkata, West Bengal - 700071, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Bank – Rupee Loan Cash Credit Account With Citibank N.A.	27.049	7.517
Total	27.049	7.517
SHORT TERM BORROWINGS Cash Credit with Citibank N.A., Kolkata Branch, Kanak Building, 41, Chowringhee Road, Kolkata – 700071 for a total fund based of Rs, 50.000 Millions by Creation of Charge on 07.05.2012 and registered with ROC, W.B. vide Charge ID No. 10358316 ids secured by: First exclusive charge on the Current Assets and movable Fixed Assets etc. as contained in the Goods Security Agreement. The said Cash Credit is repayable on demand and carries interest as notified by bank from time to time as per RBI norms.

Banking Relations :	--
Auditors :
Name :	P. K. Agarwalla and Company Chartered Accountants
Address :	33/1, Netaji Subhas Road, Marshall House, 7th Floor, Room No.713-714, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ADBPA6805H

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,500,000	Equity Shares	Rs. 10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,856,700	Equity Shares	Rs. 10/- each	Rs. 28.567 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	28.567	28.567	28.567
(b) Reserves & Surplus	78.658	76.692	74.222
(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)	107.225	105.259	102.789
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.352	0.000	0.000
(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)	0.352	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	55.069	16.756	3.994
(b) Trade payables	6.508	6.343	3.555
(c) Other current liabilities	6.300	7.441	4.120
(d) Short-term provisions	0.567	1.663	0.513
Total Current Liabilities (4)	68.444	32.203	12.182
TOTAL	176.021	137.462	114.971
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	85.612	50.389	32.685
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	85.612	50.389	32.685
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.496	21.703	28.552
(c) Trade receivables	28.856	33.169	23.853
(d) Cash and cash equivalents	2.161	5.012	7.023
(e) Short-term loans and advances	14.896	27.189	22.858
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	90.409	87.073	82.286
TOTAL	176.021	137.462	114.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue From Operations	217.393	172.271	179.627
		Other Income	1.117	2.010	0.726
		TOTAL	218.510	174.281	180.353
Less	EXPENSES
		TOTAL	208.103	167.844	176.176
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		10.407	6.437	4.177
Less/ Add	DEPRECIATION/ AMORTISATION		7.432	2.817	2.700
	PROFIT BEFORE TAX		2.975	3.620	1.477
Less	TAX		1.009	1.150	0.514
	PROFIT AFTER TAX		1.966	2.470	0.963
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.327	6.857	5.894
	BALANCE CARRIED TO THE B/S		11.293	9.327	6.857
	Earnings Per Share (Rs.)		0.69	0.86	0.34

Particulars	31.03.2014
Sales Turnover (Approximately)	220.000

The above information has been parted by Mr. Shyamlal Agarwal (Director).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.90	1.42	0.53
Net Profit Margin (PBT/Sales)	(%)	1.37	2.10	0.82
Return on Total Assets (PBT/Total Assets}	(%)	1.69	2.63	1.28
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.01
Debt Equity Ratio (Total Debt/Networth)		0.51	0.16	0.04
Current Ratio (Current Asset/Current Liability)		1.32	2.70	6.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	28.567	28.567	28.567
Reserves & Surplus	74.222	76.692	78.658
Net worth	102.789	105.259	107.225
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3.994	16.756	55.069
Total borrowings	3.994	16.756	55.069
Debt/Equity ratio	0.039	0.159	0.514

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Revenue From Operations	179.627	172.271	217.393
		(4.095)	26.192

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Revenue From Operations	179.627	172.271	217.393
Profit After Tax	0.963	2.470	1.966
	0.54%	1.43%	0.90%

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 four 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)	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10403373	25/01/2013	73,000,000.00	Citibank N.A	Kanak Building, 41 Chowringhee Road, Kolkata, West Bengal - 700071, India	B68270578
2	10358316	07/05/2012	50,000,000.00	Citibank N.A	Kanak Building, 41 Chowringhee Road, Kolkata, West Bengal - 700071, India	B40678591

UNSECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From other Parties
From Director	0.324	0.051
From Others (Being Shareholders)	4.027	0.000
Others (Being Companies)	23.669	9.188
Total	28.020	9.239

Note:

The registered address of the company has been shifted from 29 Strand Road, 3rd Floor, Kolkata - 700001, West Bengal, India to the present w.e.f. 25.09.2010.

PERFORMANCE AND OPERATIONAL RESULTS

During the year Company’s turnover in PVC Pipes and Pipe Fittings remained more or less same as compared to last year in spite of price fluctuations and competitive condition prevailing in the market. The company’s overall performance was satisfactory.

FIXED ASSETS:

· Land

· Factory Building

· Furniture and Fixture

· Air Conditioner

· Electrical Equipments

· Fire Extinguisher

· Office Euipments

· Plant and Machinery

· Testing Equipments

· Vehicles

· 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 records 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. 58.75
UK Pound	1	Rs. 98.77
Euro	1	Rs. 80.53

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.