MIRA INFORM REPORT

Report No. :	300964
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	SHREEJI PRINTS PRIVATE LIMITED

Registered Office :	Plot No. 412/A, GIDC Industrial Estate, Pandesara, Near-Gupta Dine, Surat-394221, Gujarat, India

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.12.1984

Com. Reg. No.:	04-007472

Capital Investment / Paid-up Capital :	Rs.7.500 Millions

CIN No.: [Company Identification No.]	U17119GJ1984PTC007472

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	SRTS00415C

PAN No.: [Permanent Account No.]	AADCS1502M

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of Processing of Man Made Fabrics (MMF) on Job Work Basis and Production and Sale of Power.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 satisfactory track. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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.

LOCATIONS

Registered Office :	Plot No. 412/A, GIDC Industrial Estate, Pandesara,Near Gupta Dine, Surat-394221, Gujarat, India
Tel. No.:	91-261-2891411/2891412/2891505
Mobile No.:	91-9825118315 [Mr. Bhalesh Mehta]
Fax No.:	91-261-2893738
E-Mail :	ranjitkejriwalcs@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Jaiprakash Dwarikaprasad Agarwal

Designation :

Director

Address :

301, Pooja Abhishek Athwalines, Surat, Gujarat, India

Date of Birth/Age :

16.12.1945

Date of Appointment :

01.11.1994

Din No.:

00007064

Voter Id No.:

GJ/24/171/1537758

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	U17119GJ1977PTC003021	RACHNA ART PRINTS PRIVATE LIMITED	Whole-time director	16/12/2013	31/07/1981	-	Active	NO
2	U17119GJ1994PTC021076	KANISHKA PRINTS PRIVATE LIMITED	Director	19/01/1994	19/01/1994	-	Active	NO
3	U17119GJ1984PTC007472	SHREEJI PRINTS PRIVATE LIMITED	Director	01/11/1994	01/11/1994	-	Active	NO
4	U92199GJ1999PTC036583	CITY PLUS FUNWORLD PRIVATE LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
5	U72200GJ2000PTC038453	ENNOVATIONZ DOTNET PRIVATE LIMITED	Director	18/06/2004	18/06/2004	-	Active	NO
6	U17110GJ2005PTC045410	V3 INDUSTRIES PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Amalgamated	NO
7	U45200DL2006PTC155591	KATYANI INFRASTRUCTURE PRIVATE LIMITED	Director	27/11/2006	27/11/2006	18/03/2013	Active	NO
8	U45200DL2006PTC156426	KATYANI PROJECTS PRIVATE LIMITED	Director	11/12/2006	11/12/2006	21/05/2014	Active	NO
9	U45200GJ2006PTC048607	JAVA REALTIES PRIVATE LIMITED	Director	31/03/2008	31/03/2008	15/02/2010	Active	NO
10	U80301GJ2008NPL054071	TAPTI VALLEY EDUCATION FOUNDATION	Director	28/05/2008	28/05/2008	-	Active	NO
11	U72300DL2007PTC165735	KATYANI HOUSING PRIVATE LIMITED	Director	01/08/2008	01/08/2008	-	Strike off	NO
12	U45203GJ2007SGC051232	PANDESARA INFRASTRUCTURE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO
13	U10200GJ2009PTC055959	COAL CARE INFRA PRIVATE LIMITED	Director	03/09/2009	03/09/2009	10/05/2012	Active	NO
14	U74990MH2010PTC201267	AVIVA POWER & PROJECT PRIVATE LIMITED	Director	25/03/2010	25/03/2010	-	Active	NO
15	U17291MH2010PTC207993	SHUBH POLYFILMS PRIVATE LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
16	U70102GJ2011PTC067354	LINDIAD TEXTILE PARK PRIVATE LIMITED	Director	07/10/2011	07/10/2011	-	Active	NO

Name :

Mr. Sanjay Jaiprakash Agarwal

Designation :

Director

Address :

301, Pooja Abhishek Athwalines, Surat, Gujarat, India

Date of Birth/Age :

10.07.1967

Date of Appointment :

01.07.1994

Din No.:

00004361

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	U17119GJ1977PTC003021	RACHNA ART PRINTS PRIVATE LIMITED	Managing director	16/12/2013	06/08/1987	-	Active	NO
2	U17119GJ1994PTC021076	KANISHKA PRINTS PRIVATE LIMITED	Director	19/01/1994	19/01/1994	-	Active	NO
3	U17119GJ1984PTC007472	SHREEJI PRINTS PRIVATE LIMITED	Director	01/07/1994	01/07/1994	-	Active	NO
4	U72200GJ2000PTC038453	ENNOVATIONZ DOTNET PRIVATE LIMITED	Director	28/07/2000	28/07/2000	-	Active	NO
5	U17110GJ2005PTC045410	V3 INDUSTRIES PRIVATE LIMITED	Director	03/02/2005	03/02/2005	-	Amalgamated	NO
6	U17291MH2010PTC207993	SHUBH POLYFILMS PRIVATE LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
7	U70102GJ2011PTC067349	PIPODRA TEXTILE PARK PRIVATE LIMITED	Director	05/10/2011	05/10/2011	-	Active	NO
8	U51900MH2012PTC237877	INDDUSINC EXIM PRIVATE LIMITED	Director	12/11/2012	12/11/2012	-	Active	NO

Name :

Mr. Anil Dwarikaprasad Agarwal

Designation :

Director

Address :

7-C, Raj Vaibhav Apartment, Athwalines, Surat, Gujarat, India

Date of Birth/Age :

06.03.1958

Date of Appointment :

16.12.2013

Din No.:

00004773

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	U17119GJ1998PTC034522	CHANDA FASHIONS PRIVATE LIMITED	Director	13/08/1998	13/08/1998	01/02/2008	Active	NO
2	U17119GJ1984PTC007472	SHREEJI PRINTS PRIVATE LIMITED	Managing director	16/12/2013	01/04/2004	-	Active	NO
3	U27100GJ2005PTC045292	POONAM INFRA - BUILD PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
4	U55101DL2002PTC115816	BABA MOTELS PRIVATE LIMITED	Director	30/09/2008	01/06/2008	13/04/2010	Active	NO
5	U70101DL2009PTC187384	MAHAMAYA INFRABUILD PRIVATE LIMITED	Director	06/02/2009	06/02/2009	-	Active	NO
6	L51909WB1981PLC033592	SVA INDIA LTD	Director	15/10/2011	18/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ranjit Kejriwal
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Sanjay Jaiprakash Agarwal		2145
Jaiprakash P Agarwal		281
Savitridevi Agarwal		550
Vandanadevi Agarwal		740
Kanishka Agarwal		2557
Jaiprakash P. Agarwal HUF		25
Sanjay Jaiprakash Agarwal HUF		948
Anil Agarwal		1
Akanksha Agarwal		245
Jayesh Ahuja HUF		1
Prashant Sonawala		1
Vaishali Sonawala		1
Vishal P Sonawala		1
Karan J Shah		1
Omprasad Sharma		1
Ravibbhai Bansal		1
Sandeep V Surti		1
TOTAL		7500

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 :	Subject is engaged in the business of Processing of Man Made Fabrics (MMF) on Job Work Basis and Production and Sale of Power.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Ismports :	Not Divulged

Terms :
Selling :	Not Available

Purchasing :	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 :

Not Divulged

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 :

Information Declined By Management

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West) Mumbai-400013, 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

Banker Name	Canara Bank
Branch Address	Overseas Branch, Ring Road, Surat-395002, Gujarat, 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 LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Banks	38.227	45.350
Loans Taken for Fixed Assets	0.570	1.079
Short Term Borrowing	0.000	0.000
Working Capital Loans From Banks	69.157	64.711
Total	107.954	111.140

Auditors :
Name :	SNK and Company Chartered Accountants
Address :	SNK House, 31-A, Adarsh Society, Athwalines, Surat-395001, Gujarat, India
Tel. No.:	91-261-2656273/4/6544791/2/3299540/47
Fax No.:	91-261-2656868
E-Mail :	snk@snkca.com snk@youtele.com rbksurat@gmail.com
Website :	http://www.snkca.com
Pan No.:	AAJFS8455L

Memberships :	Not Available

Collaborators :	Not Available

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Rachna Art Prints Private Limited Aakansha Overseas Ivory Lifestyle City Plus Funworld Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

7500	Equity Shares	Rs.1000/- each	Rs.7.500 Millions
7500	Preference Share	Rs.1000/- each	Rs.7.500 Millions
	Tatal		Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7500	Equity Shares	Rs.1000/- each	Rs.7.500 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	7.500	7.500	7.500
(b) Reserves & Surplus	107.879	85.412	68.340
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	7.500	7.500
Total Shareholders’ Funds (1) + (2)	115.379	100.412	83.340

(3) Non-Current Liabilities
(a) long-term borrowings	140.389	164.989	167.329
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.024	0.000	0.889
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	140.413	164.989	168.218

(4) Current Liabilities
(a) Short term borrowings	69.157	64.711	53.680
(b) Trade payables	222.312	125.891	120.862
(c) Other current liabilities	34.862	47.644	34.679
(d) Short-term provisions	19.212	14.965	12.397
Total Current Liabilities (4)	345.543	253.211	221.618

TOTAL	601.335	518.612	473.176

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	283.910	272.751	225.890
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	10.569
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.020	0.020	0.020
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.602	5.744	14.277
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	295.532	278.515	250.756

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.564	18.274	26.458
(c) Trade receivables	232.846	164.913	143.394
(d) Cash and cash equivalents	10.040	5.956	5.627
(e) Short-term loans and advances	47.353	50.954	46.941
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	305.803	240.097	222.420

TOTAL	601.335	518.612	473.176

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME		883.538	679.595

Less	EXPENSES		803.694	614.262

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		79.844	65.333

Less	FINANCIAL EXPENSES		17.106	15.774
		NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		62.738	49.559

Less	DEPRECIATION/ AMORTISATION		43.734	41.344

	PROFIT BEFORE TAX		19.004	7.530

Less	TAX		3.802	1.815

Add	MAT CREDIT ENTITLEMENT		1.869	0.000

	PROFIT AFTER TAX	22.467	17.071	5.715

	Earnings Per Share (Rs.)	2.99	2.27	0.76

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Sales	(%)	NA	1.93	0.84

Net Profit Margin (PBDIT/Sales)	(%)	NA	9.04	9.61

Return on Total Assets (PBT/Total Assets}	(%)	NA	3.66	1.63

Return on Investment (ROI) (PBT/Networth)		NA	0.19	0.09

Debt Equity Ratio (Total Debt/Networth)		1.82	2.29	2.65

Current Ratio (Current Asset/Current Liability)		0.88	0.95	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.500	7.500	7.500
Reserves & Surplus	68.340	85.412	107.879
Share Application money pending allotment	7.500	7.500	0.000
Net worth	75.840	92.912	115.379

long-term borrowings	167.329	164.989	140.389
Short term borrowings	53.680	64.711	69.157
Total borrowings	221.009	229.700	209.546
Debt/Equity ratio	2.914	2.472	1.816

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	No
12]	Profitability for last two 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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Intercorporated Deposits	35.697	48.166
Loans and Advances From Related Parties	62.567	58.658
Other Loans and Advances	3.328	11.736
Total	101.592	118.560

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10237438	09/10/2013 *	429,298,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B86827037
2	10204955	09/04/2014 *	184,216,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PARE L (WEST), MUMBAI, Maharashtra - 400013, INDIA	C04091971

* Date of charge modification

FIXED ASSETS

Land
Factory Building
Boiler Shed
Plant and Machinery
Weighing Scale
Office Equipments
Computer
Furniture and Fixtures
Delivery Vans
Motor Car
Scooters

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.63.38
UK Pound	1	Rs.96.77
Euro	1	Rs.75.79

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		45

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.

MIRA INFORM REPORT

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