MIRA INFORM REPORT

Report No. :	303659
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	SIGMA CORRU BOX PRIVATE LIMITED
Registered Office :	205/206 Veena Killedar Industrial Estate, 10/14 Pais Street, Byculla (West), Mumbai – 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.11.2011
Com. Reg. No.:	11-224280
Capital Investment / Paid-up Capital :	Rs.88.371 Millions
CIN No.: [Company Identification No.]	U21098MH2011PTC224280
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS76851F
PAN No.: [Permanent Account No.]	AAQCS8545P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of paper corrugated boxes, packaging boxes and cartons, boxes, packaging boxes, slotted type box and large specialized boxes etc.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 470000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has performed well during FY 2014. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment 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	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	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety. Its carry moderate credit risk.
Date	15.10.2013

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 :	205/206 Veena Killedar Industrial Estate, 10/14 Pais Street, Byculla (West), Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-23075042
Fax No.:	Not Available
E-Mail :	kirit@horizonpacks.com horizon@horizonpacks.com
Factory 1 :	DP-8, SIDCO Industrial Estate, Thirumazhisai, Chennai – 600124, Tamilnadu, India
Factory 2 :	Located At Kodarhur, Pondicherry, India

DIRECTORS

As on 20.09.2014

Name :

Mr. Kirit Natvarlal Modi

Designation :

Director

Address :

Q3-Q4, 17-B, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

09.03.1949

Date of Appointment :

22.11.2011

DIN No.:

00167607

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	U21017MH1990PTC055275	FORTUNE PACKAGING PRIVATE LIMITED	Director	31/01/1990	31/01/1990	-	Active	NO
2	U25202MH1999PTC121847	CORRUKRAFT PACKAGING PRIVATE LIMITED	Director	10/08/2000	10/08/2000	-	Active	NO
3	U51909MH1985PTC036605	INDPRO DISTRIBUTORS (BOMBAY) PRIVATE LIMITED	Director	24/07/2001	24/07/2001	-	Active	NO
4	U21014MH2001PTC133116	HORIZON PACKS PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Active	NO
5	U25209WB2002PTC095143	EVEREST LAMINATORS PRIVATE LIMITED	Director	01/12/2002	01/12/2002	-	Active	NO
6	U99999MH1969PLC014398	LAXMI BOARD AND PAPER MILLS LIMITED	Director	27/05/2003	27/05/2003	-	Active	NO
7	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO
8	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Director	11/02/2004	11/02/2004	-	Active	NO
9	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
10	U93000MH2009NPL196517	INDIAN CORRUGATED CASE MANUFACTURERS ASSOCIATION	Director	16/10/2009	16/10/2009	-	Active	NO
11	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	30/09/2011	14/07/2011	-	Active	NO
12	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
13	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Additional director	27/12/2011	27/12/2011	-	Active	NO
14	U74999DL1980PTC122583	Securipax Packaging Private Limited	Director	18/09/2014	17/07/2014	-	Active	NO

Name :

Mr. Sachin Kirit Modi

Designation :

Director

Address :

17-B,Eden Hall, Dr. A.B. Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

31.12.1973

Date of Appointment :

22.11.2011

DIN No.:

00701561

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	U74950MH1993PTC072879	MOPRA PACKAGING PRIVATE LIMITED	Director	15/07/1993	15/07/1993	-	Active	NO
2	U21099PY1985PTC000356	SWATHI PACKERS PRIVATE LIMITED	Director	10/11/1995	10/11/1995	-	Active	NO
3	U25202MH1999PTC121847	CORRUKRAFT PACKAGING PRIVATE LIMITED	Director	10/08/2000	10/08/2000	-	Active	NO
4	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
5	U51909MH1985PTC036605	INDPRO DISTRIBUTORS (BOMBAY) PRIVATE LIMITED	Director	24/07/2001	24/07/2001	-	Active	NO
6	U21014MH2001PTC133116	HORIZON PACKS PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Active	NO
7	U21017MH1990PTC055275	FORTUNE PACKAGING PRIVATE LIMITED	Director	26/10/2001	26/10/2001	-	Active	NO
8	U25209WB2002PTC095143	EVEREST LAMINATORS PRIVATE LIMITED	Director	01/12/2002	01/12/2002	-	Active	NO
9	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Managing director	01/03/2013	11/02/2004	-	Active	NO
10	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
11	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	30/09/2011	14/07/2011	-	Active	NO
12	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
13	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Managing director	01/03/2013	25/02/2013	-	Active	NO
14	U74999DL1980PTC122583	Securipax Packaging Private Limited	Director	18/09/2014	17/07/2014	-	Active	NO

Name :

Mr. Swapnil Kirit Modi

Designation :

Director

Address :

17-B,Eden Hall, Dr. A.B. Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

27.02.1980

Date of Appointment :

29.03.2014

DIN No.:

00701614

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	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
2	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Director	11/02/2004	11/02/2004	-	Active	NO
3	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
4	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	10/12/2012	10/12/2012	-	Active	NO
5	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO
6	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	29/03/2014	29/03/2014	-	Active	NO

Name :

Mrs. Nandini Kirit Modi

Designation :

Director

Address :

17-B,Eden Hall, Dr. A.B. Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

29.11.1950

Date of Appointment :

22.11.2011

DIN No.:

00701644

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	U21099PY1985PTC000356	SWATHI PACKERS PRIVATE LIMITED	Director	10/11/1995	10/11/1995	-	Active	NO
2	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	26/02/1996	26/02/1996	-	Active	NO
3	U25202MH1999PTC121847	CORRUKRAFT PACKAGING PRIVATE LIMITED	Director	10/08/2000	10/08/2000	-	Active	NO
4	U51909MH1985PTC036605	INDPRO DISTRIBUTORS (BOMBAY) PRIVATE LIMITED	Director	24/07/2001	24/07/2001	-	Active	NO
5	U28991TN1984PTC011392	RIGID CONTAINERS PRIVATE LIMITED	Director	24/07/2001	24/07/2001	-	Active	NO
6	U21014MH2001PTC133116	HORIZON PACKS PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Active	NO
7	U51909WB2002PTC095517	ALPHA ENTREPRENEURS PRIVATE LIMITED	Director	16/12/2002	16/12/2002	-	Active	NO
8	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
9	U25209WB2002PTC095143	EVEREST LAMINATORS PRIVATE LIMITED	Director	29/03/2014	29/03/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 20.09.2014

Names of Shareholders	No. of Shares
Kirit Natvarlal Modi	3500
Nandini Kirit Modi	3000
Sachin Kirit Modi	3000
Swapnil Kirit Modi	500
Kirit Natvarlal Modi HUF	8827050
Total	8837050

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of paper corrugated boxes, packaging boxes and cartons, boxes, packaging boxes, slotted type box and large specialized boxes etc. 

Products :

Product Description	Item Code No. (ITC Code)
Corrugated Paper	99883220

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Citibank N. A., First International Financial Centre, 9th Floor, Plot No.C-54, C-55, G-Block, Bandra Kurla Complex,, Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Working capital loans from banks	35.000	0.000
Loans taken for vehicles	0.103	0.000
Total	35.103	0.000

Auditors :
Name :	Rajesh K Jhunjhunwala and Company Chartered Accountants
Address :	Mercantile Building, B Block, 9/12 Lal Bazar Street, 2nd Floor, Kolkata – 700001, West Bengal, India
PAN No.:	AJKFR8852B
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8850000	Equity Shares	Rs.10/- each	Rs.88.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8837050	Equity Shares	Rs.10/- each	Rs.88.371 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	88.371	0.100
(b) Reserves & Surplus	75.444	(0.010)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	163.815	0.090
(3) Non-Current Liabilities
(a) long-term borrowings	48.154	0.262
(b) Deferred tax liabilities (Net)	0.142	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	48.296	0.262
(4) Current Liabilities
(a) Short term borrowings	1.602	0.000
(b) Trade payables	57.767	0.000
(c) Other current liabilities	5.786	0.003
(d) Short-term provisions	38.688	0.000
Total Current Liabilities (4)	103.843	0.003
TOTAL	315.954	0.355
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70.508	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	39.288	0.010
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	109.796	0.010
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	58.197	0.000
(c) Trade receivables	137.402	0.000
(d) Cash and cash equivalents	3.118	0.296
(e) Short-term loans and advances	3.435	0.000
(f) Other current assets	4.006	0.049
Total Current Assets	206.158	0.345
TOTAL	315.954	0.355

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	INCOME	NA	NA
	EXPENSES	NA	NA
	PROFIT/(LOSS) BEFORE TAX	114.284	(0.007)
Less	TAX	38.831	0.000
	PROFIT/(LOSS) AFTER TAX	75.453	(0.007)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(0.010)	(0.003)
	BALANCE CARRIED TO THE B/S	(75.443)	(0.010)
	Earnings / (Loss) Per Share (Rs.)	8.54	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	36.17	(1.97)
Return on Investment (ROI) (PBT/Networth)		0.70	(0.08)
Debt Equity Ratio (Total Debt /Networth)		0.30	2.91
Current Ratio (Current Asset/Current Liability)		1.99	115.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Share Capital	0.100	88.371
Reserves & Surplus	(0.010)	75.444
Share Application money pending allotment	0.000	0.000
Net worth	0.090	163.815
Long Term borrowings	0.262	48.154
Short Term borrowings	0.000	1.602
Total borrowings	0.262	49.756
Debt/Equity ratio	2.911	0.304

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	0.262	0.262
Intercorporate borrowings	12.789	0.000
SHORT TERM BORROWINGS
Other loans and advances, others	1.602	0.000
Total	14.653	0.262

REVIEW OF OPERATION:

During the year, the Profit for the year has been Rs.114.284 Millions as against Loss of Rs.0.007 Million during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444394	16/08/2013	392,500,000.00	Citibank N. A.	First International Financial Centre, 9th Floor, Plot No.C-54, C-55, G-Block, Bandra Kurla Complex, Mumbai, Maharashtra - 400051, India	B82771700

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.76
UK Pound	1	Rs.94.02
Euro	1	Rs.72.63

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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	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
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.