MIRA INFORM REPORT

Report No. :	318820
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	MANIKA MOULDS PRIVATE LIMITED
Registered Office :	Survey No. 28/1/2 and 21/1/2, Karajgam, Village Karajgam, Udhwa Road, Silvassa – 396230, Dadra Nagar Haveli
Tel. No. :	91-8879635588 (Mr. Bhavin Shah)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.04.1996
Com. Reg. No.:	000469
Capital Investment / Paid-up Capital :	Rs. 200.000 Million
CIN No.: [Company Identification No.]	U74999DN1996PTC000469
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all Types of Plastic Moulded Products.
No. of Employees :	525 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has reported decent profitability during the financial year 2013-14. The overall financial position seems to be sound Trade relations are fair. Business is active. Payments are reported to be usually 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities BBB
Rating Explanation	Moderate degree of safety moderate Credit risk
Date	December 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	December 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 :	Mr. Bhavin Shah
Designation :	DGM Finance
Contact No.:	91-8879635588
Date :	20.04.2015

LOCATIONS

Registered Office / Factory :	Survey No. 28/1/2 and 21/1/2, Karajgam, Village Karajgam, Udhwa Road, Silvassa – 396230, Dadra Nagar Haveli, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bhavin@manikmoulds.com info@manikmoulds.com
Website :	http://www.manikmoulds.com
Area :	5 Acre
Location :	Owned
Locality :	Industrial
Admin Office / Corporate Office :	Aar-Pee Centre, 601/605, 6^th Floor, GUFIC Compound, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28200992/ 42234300
Fax No.:	91-22-28200996
Area :	3500 Sq. Ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Nikunj Mohanlal Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

05.05.1947

Qualification :

BSC

Date of Appointment :

25.04.1996

PAN No.:

AANPK7822K

DIN No.:

00877120

Name :

Mr. Munjal Nikunj Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

15.08.1977

Qualification :

Graduate in Plastic Technologies

Date of Appointment :

25.04.1996

PAN No.:

AAMPK5015H

DIN No.:

00876921

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	U74999DN1996PTC000469	MANIKA MOULDS PRIVATE LIMITED	Director	25/04/1996	25/04/1996	-	Active	NO
2	U25200MH1999PTC118168	MANIKA TECHNOPLAST PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO

Name :

Mr. Mihir Nikunj Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

09.04.1979

Qualification :

BE in Production Engineering, Pain Plastically

Date of Appointment :

28.06.1997

PAN No.:

AAMPK9822E

DIN No.:

00877316

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	U74999DN1996PTC000469	MANIKA MOULDS PRIVATE LIMITED	Director	28/06/1997	28/06/1997	-	Active	NO
2	U25200MH1999PTC118168	MANIKA TECHNOPLAST PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
3	U25190MH2013PTC242987	DRIVE CONTAINERS PRIVATE LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO

Name :

Mr. Pratik Nikunj Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

02.11.1983

Qualification :

Post Graduate in Plastic Technology

Date of Appointment :

05.11.2001

PAN No.:

AAMPK9823F

DIN No.:

00877370

KEY EXECUTIVES

Name :	Mr. Bhavin Shah
Designation :	DGM Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Nikunj Mohanlal Kapadia	4000000	20.00
Malti Nikunj Kapadia	4000000	20.00
Munjal Nikunj Kapadia	4000000	20.00
Mihir Nikunj Kapadia	4000000	20.00
Pratik Nikunj Kapadia	4000000	20.00
Total	20000000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of all Types of Plastic Moulded Products.

Products :

Item Code No. (ITC Code)	Product Description
85079090	Other Parts (Battery Cases)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Plastic Moulded Products

Countries :

• Sri Lanka
• Bangladesh
• Nepal

Imports :

Products :

Raw Material

Countries :

Singapore

Thailand

Terms :

Selling :

Credit (90 Days)

Purchasing :

Cash

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

525 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	IFB Branch, Andheri (East), Mumbai – 400093, Maharashtra, India
Person Name (With Designation)	Mr. Ravi Kumar
Contact Number	91-22-26819774
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CC / LC – Rs. 260.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Bank of Baroda
Branch Address	Santacruz (East) Branch, Pushpa Kunj, Nehru Road, Santacruz (East), Mumbai – 400021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	43.335	87.109
SHORT TERM BORROWINGS
Working capital loans from banks	504.352	500.772
Total	547.687	587.881

Auditors :
Name :	D G Thakarar and Associates Chartered Accountants
Address :	B-14, Shubhlaxmi, 2nd Floor, 8th Road, Santacruz (East), Mumbai-400055, Maharashtra, India
PAN No.:	AAAFD4545P
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Manika Techno Plast Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	200.000	200.000	200.000
(b) Reserves & Surplus	484.066	403.115	255.019
(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)	684.066	603.115	455.019
(3) Non-Current Liabilities
(a) long-term borrowings	43.335	87.109	149.222
(b) Deferred tax liabilities (Net)	0.000	26.864	22.369
(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)	43.335	113.973	171.591
(4) Current Liabilities
(a) Short term borrowings	569.512	557.257	497.585
(b) Trade payables	419.844	354.012	254.924
(c) Other current liabilities	157.696	105.656	102.521
(d) Short-term provisions	2.800	2.083	11.457
Total Current Liabilities (4)	1149.852	1019.008	866.487
TOTAL	1877.253	1736.096	1493.097
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	524.449	522.181	471.978
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	29.408	13.849	49.616
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	1.694
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.049	13.246	16.327
(e) Other Non-current assets	0.344	0.516	0.688
Total Non-Current Assets	566.250	549.792	540.303
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	525.817	462.436	373.274
(c) Trade receivables	593.922	536.238	471.496
(d) Cash and cash equivalents	63.301	87.819	69.441
(e) Short-term loans and advances	127.862	98.804	38.048
(f) Other current assets	0.101	1.007	0.535
Total Current Assets	1311.003	1186.304	952.794
TOTAL	1877.253	1736.096	1493.097

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2057.623	2192.947	1581.638
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	267.176	346.909	246.942
Less	FINANCIAL EXPENSES	128.014	141.403	114.285
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	139.162	205.506	132.657
Less/ Add	DEPRECIATION/ AMORTISATION	62.378	54.815	44.770
	PROFIT/ (LOSS) BEFORE TAX	76.784	150.691	87.887
Less	TAX	(8.402)	2.595	33.186
	PROFIT/ (LOSS) AFTER TAX	85.186	148.096	54.701
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	143.114	95.018	80.317
Less	APPROPRIATIONS
	Transfer to General Reserve	50.000	100.000	40.000
	Total	50.000	100.000	40.000
	Balance Carried to the B/S	178.300	143.114	95.018
	EARNINGS IN FOREIGN CURRENCY	27.762	66.985	57.563
	Earnings / (Loss) Per Share (Rs.)	4.26	7.40	2.74

Expected Sales (2014-2015) : Rs. 2570.000 Million

The above information has been parted by Mr. Bhavin Shah

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.14	6.75	3.46
Operating Profit Margin (PBDIT/Sales)	(%)	12.98	15.82	15.61
Return on Total Assets (PBT/Total Assets}	(%)	4.16	8.75	6.10
Return on Investment (ROI) (PBT/Networth)		0.11	0.25	0.19
Debt Equity Ratio (Total Debt/Networth)		0.90	1.07	1.42
Current Ratio (Current Asset/Current Liability)		1.14	1.16	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	200.000	200.000	200.000
Reserves & Surplus	255.019	403.115	484.066
Net worth	455.019	603.115	684.066
long-term borrowings	149.222	87.109	43.335
Short term borrowings	497.585	557.257	569.512
Total borrowings	646.807	644.366	612.847
Debt/Equity ratio	1.421	1.068	0.896

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1581.638	2192.947	2057.623
		38.650	(6.171)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1581.638	2192.947	2057.623
Profit	54.701	148.096	85.186
	3.46%	6.75%	4.14%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

BUSINESS OPERATIONS:

The Company continues to retain leadership position in its business segment. Due to overall slowdown in the Indian economy in general and in the Automobile segment in particular the Total Revenue of the Company marginally declined from Rs. 2369.944 Million to Rs.2223.357 Million.

The year saw recessionary trends prevailing in the economy and the Company also suffered due to the same.

The management has however taken several corrective measures in the year to ensure that the performance improves in the coming years.

The company started production of pail containers during the year and the Board is happy to report that response from the customers in marketing of the said product is very encouraging.

The Company was in the process of completing trial run of water purifier parts by the end of the year and the Directors are happy to report that the company has successfully completed the trial run of water purifier parts during the current financial year and has also commenced the commercial production of the same product.

It is also hearting to note that introduction of the said products has not required the company to make huge investment in Capital Expenditure as the said Products are in the existing segment of its present business.

Going forward, we expect that as some of their new businesses mature, they will continue to see superior growth while maintaining the flexibility to make further investments.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans repayable on demand	65.160	56.485
Total	65.160	56.485

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10535073	13/02/2015 *	120,000,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M  V ROAD, WESTERN EXPRESS HIGHWAY, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	C45627338
2	10203917	13/02/2015 *	150,000,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD, WESTERN EXPRESS HIGHWAY, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	C45627676
3	10193822	13/02/2015 *	616,000,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M  V ROAD, WESTERN EXPRESS HIGHWAY, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	C45627973

* Date of charge modification

FIXED ASSETS

• Factory building
• Factory equipments
• Other plant and equipment
• Furniture and fixtures
• Motor vehicles
• Computer equipments
• Other equipments

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. 62.92
UK Pound	1	Rs. 93.57
Euro	1	Rs. 67.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUC
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.