MIRA INFORM REPORT

Report No. :	342017
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	KAVERI ULTRA POLYMERS PRIVATE LIMITED
Registered Office :	113-B, Bommasondra Industrial Estate Anekal Talug, Bangalore District - 560099, Karnataka
Tel. No.:	91-80-41663444
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.08.1984
Com. Reg. No.:	08-006290
Capital Investment / Paid-up Capital :	Rs.1.100 Million
CIN No.: [Company Identification No.]	U85110KA1984PTC006290
IEC No.:	0798010398
TAN No.: [Tax Deduction & Collection Account No.]	BLRK00512B
PAN No.: [Permanent Account No.]	AAACK8498F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturer of Polymer Liners, Rubber Liners, Conveyor Care Products and Dust Supression System.
No. of Employees :	200 (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

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1984. It is having satisfactory track. The rating takes into consideration sound financial risk profile marked by adequate networth base along with comfortable gearing of the company in FY14. Management has reported almost stable revenue base along with increased profit in the year under consideration. However, trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of overall decent financial condition, the company can be considered for business dealing with 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Santosh
Designation :	Account
Contact No.:	91-80-41663444
Date :	21.09.2015

LOCATIONS

Registered Office / Factory :	113-B, Bommasondra Industrial Estate Anekal Talug, Bangalore District - 560099, Karnataka, India
Tel. No.:	91-80-41663444
Fax No.:	91-80-41663555
E-Mail :	accounts.blr@kaveri.in
Website :	www.kaveri.in
Location :	Owned
Locality :	Industrial
Branches :	Located At Mumbai Kolkata Bangalore

DIRECTORS

As on 30.09.2014

Name :

Mr. Devendra Kumar Saraogi

Designation :

Director

Address :

203 Defence Colony, Indira Nagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

07.10.1949

Date of Appointment :

24.08.1984

DIN No.:

00228285

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	U25200KA1971PTC002006	KAVERI PLASTICHEM PRIVATE LIMITED	Director	12/12/1975	12/12/1975	-	Active	NO
2	U70109KA1981PTC004292	KAVERI PROPERTIES PRIVATE LIMITED	Director	02/07/1981	02/07/1981	-	Active	NO
3	U85110KA1984PTC006290	KAVERI ULTRA POLYMERS PRIVATE LIMITED	Director	24/08/1984	24/08/1984	-	Active	NO
4	U51900MH1988PTC049621	KAVERI IMPEX PVT LTD	Director	21/12/1988	21/12/1988	-	Active	NO
5	U45400WB2010PTC152738	KAVERI INFRA PROPERTIES PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
6	L65993WB1982PLC035311	BELIEVE ENTERPRISES LTD	Additional director	09/01/2015	09/01/2015	-	Converted to LLP and dissolved	NO
7	AAD-7099	BELIEVE ENTERPRISES LLP	Designated Partner	06/04/2015	06/04/2015	-	Active	NO

Name :

Mr. Mahendra Kumar Saraogi

Designation :

Director

Address :

30, Himigiri Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

01.11.1942

Date of Appointment :

25.02.1985

DIN No.:

00480363

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	U25200KA1971PTC002006	KAVERI PLASTICHEM PRIVATE LIMITED	Director	01/06/1974	01/06/1974	-	Active	NO
2	U70109KA1981PTC004292	KAVERI PROPERTIES PRIVATE LIMITED	Director	02/07/1981	02/07/1981	-	Active	NO
3	U85110KA1984PTC006290	KAVERI ULTRA POLYMERS PRIVATE LIMITED	Director	25/02/1985	25/02/1985	-	Active	NO
4	U51900MH1988PTC049621	KAVERI IMPEX PVT LTD	Director	21/12/1988	21/12/1988	-	Active	NO
5	U45400WB2010PTC152738	KAVERI INFRA PROPERTIES PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO

Name :

Mr. Surendra Kumar Saraogi

Designation :

Directro

Address :

132/1, MG Road, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

24.06.1944

Date of Appointment :

25.02.1985

DIN No.:

00480179

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	U25200KA1971PTC002006	KAVERI PLASTICHEM PRIVATE LIMITED	Director	28/04/1978	28/04/1978	-	Active	NO
2	U70109KA1981PTC004292	KAVERI PROPERTIES PRIVATE LIMITED	Director	02/07/1981	02/07/1981	-	Active	NO
3	L65993WB1982PLC034673	GALAXY COMMERCIALS LTD	Director	10/03/1982	10/03/1982	-	Active	NO
4	U34102WB1984PTC037916	LLOYDS COMMERCIAL PVT LTD	Director	15/02/1985	15/02/1985	30/03/2015	Active	NO
5	U85110KA1984PTC006290	KAVERI ULTRA POLYMERS PRIVATE LIMITED	Director	25/02/1985	25/02/1985	-	Active	NO
6	U51900MH1988PTC049621	KAVERI IMPEX PVT LTD	Director	21/12/1988	21/12/1988	-	Active	NO
7	U23209WB1995PLC074014	ELLENBARRIE CRYOGENICS LTD	Director	01/03/2002	01/03/2002	26/03/2015	Active	NO
8	U51109WB2005PTC102633	POPULAR VANIJYA PRIVATE LIMITED	Director	04/05/2005	04/05/2005	23/03/2015	Active	NO
9	U45209WB2004PTC100315	RUBY PROJECTS PRIVATE LIMITED	Director	26/05/2007	26/05/2007	-	Active	NO
10	U51109WB2006PTC108438	MUKTAMANI VANIJYA PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
11	U45200WB2010PTC152422	KAVERI ABASAN PRIVATE LIMITED	Director	18/08/2010	18/08/2010	-	Active	NO
12	U45400WB2007PTC117368	SPECTURM COMPLEX PRIVATE LIMITED	Director	29/09/2012	31/03/2012	-	Active	NO
13	L65993WB1982PLC035311	BELIEVE ENTERPRISES LTD	Additional director	09/01/2015	09/01/2015	-	Converted to LLP and dissolved	NO
14	AAC-6408	AVISHI PROJECTS LLP	Body corporate as Designated Partner	27/08/2014	27/08/2014	-	Active	NO
15	AAD-7099	BELIEVE ENTERPRISES LLP	Designated Partner	06/04/2015	06/04/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh
Designation :	Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Saraogi D.K.	1490
Saraogi S.K.	1700
Saraogi M.K.	1810
Sunitha Saraogi	500
Puspalatha Saraogi	500
Kusumlatha Saraogi	500
Anupama Poddar	100
Shruti Mittal	100
Anjali Agarwal	100
Priya Sarsogi	100
Sarika Sarsogi	100
Puneet Saraogi	100
Saraogi D.K.-HUF	1400
Saraogi S.K.- HUF	1200
Sarogi M.K. – HUF	1200
Puneet Saraogi - HUF	100
Total	11000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturer of Polymer Liners, Rubber Liners, Conveyor Care Products and Dust Supression System.
Products :	Polymer Liners Rubber Liners Conveyor Care Products Dust Supression System
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Gods
Countries :	United States of America
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

200 (Approximately)

Bankers :

• Indian Overseas Bank, No. 232, 9th Main Road, Jayanagar 5th Block, Bangalore - 560041, Karnataka, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working Capital Limit from Bank	34.659	30.351
Total	34.659	30.351

Auditors :
Name :	Sampatraj and Associates Chartered Accountants
Address :	418, 2nd floor, AVENUE ROAD, BANGALORE – 560002, Karnataka, India
Tel. No.:	91-80-22874762
Fax No.:	91-80-22383982
PAN N Income-tax PAN of auditor or auditor's firm :	ACSPJ4249G
Memberships :	--
Collaborators :	--
Associates (As on 31.03.2013) :	Kaveri Plastichem Private Limited Mech and Ger Tech. Services Private Limited Multitech Global Enterprises Lakshmi Hydro Products Private Limited Commercial Enterprises Kaveri Properties Private Limited Galaxy Commercial Limited Vikas Udyog Believe Enterprises Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
19,000	Equity Shares	Rs.100/- each	Rs. 1.900 Million
1,000	Preference Shares	Rs.100/- each	Rs. 0.100 Million
	Total		Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,000	Equity Shares	Rs.100/- each	Rs. 1.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

CONSOLIDATED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.100	1.100	1.100
(b) Reserves & Surplus	89.389	82.318	75.770
(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)	90.489	83.418	76.870
(3) Non-Current Liabilities
(a) long-term borrowings	85.835	85.793	76.680
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.064	0.152	0.177
(d) long-term provisions	1.350	1.288	1.046
Total Non-current Liabilities (3)	87.249	87.233	77.903
(4) Current Liabilities
(a) Short term borrowings	56.979	36.847	41.752
(b) Trade payables	24.317	16.522	15.798
(c) Other current liabilities	13.675	12.258	15.265
(d) Short-term provisions	1.652	0.401	1.685
Total Current Liabilities (4)	96.623	66.028	74.500
TOTAL	274.361	236.679	229.273
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.611	17.686	14.975
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.963
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.426	6.832	6.445
(c) Deferred tax assets (net)	1.005	0.931	0.664
(d) Long-term Loan and Advances	1.220	0.601	0.718
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.262	26.050	23.765
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31.725	36.535	28.825
(c) Trade receivables	155.377	139.484	126.894
(d) Cash and cash equivalents	14.991	9.901	8.261
(e) Short-term loans and advances	43.732	24.422	40.920
(f) Other current assets	0.274	0.287	0.608
Total Current Assets	246.099	210.629	205.508
TOTAL	274.361	236.679	229.273

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	361.855	359.499	430.928
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	12.928	14.201	18.488
Less/ Add	DEPRECIATION/ AMORTISATION	3.132	3.255	2.013
	PROFIT/ (LOSS) BEFORE TAX	9.796	10.946	16.475
Less	TAX	2.725	4.399	5.335
	PROFIT/ (LOSS) AFTER TAX	7.071	6.547	11.140
	EARNINGS IN FOREIGN CURRENCY	7.574	6.640	10.713
	VALUE OF IMPORTS	35.496	34.497	42.731
	Earnings / (Loss) Per Share (Rs.)	642.81	595.00	1013.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.95	1.82	2.59
Return on Total Assets (PBT/Total Assets}	(%)	3.68	4.78	7.45
Return on Investment (ROI) (PBT/Networth)		0.11	0.13	0.21
Debt Equity Ratio (Total Debt /Networth)		1.58	1.47	1.54
Current Ratio (Current Asset/Current Liability)		2.55	3.19	2.76

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	1.100	1.100	1.100
Reserves & Surplus	75.770	82.318	89.389
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	76.870	83.418	90.489
long-term borrowings	76.680	85.793	85.835
Short term borrowings	41.752	36.847	56.979
Total borrowings	118.432	122.640	142.814
Debt/Equity ratio	1.541	1.470	1.578

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	430.928	359.499	361.855
		(16.576)	0.655

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	430.928	359.499	361.855
Profit	11.140	6.547	7.071
	2.59%	1.82%	1.95%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Companies	85.835	85.793
SHORT TERM BORROWING
From Directors and Shares Holders	11.920	6.496
From Companies	10.400	0.000
Total	108.155	92.289

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90191170	26/04/2011 *	74,000,000.00	INDIAN OVERSEAS BANK	JAYANAGAR 5TH BLOCK, BANGALORE, Karnataka - 560041  , INDIA	B12573747

*Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixture
• Office Equipment
• Computer
• Vehicle

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.65.75
UK Pound	1	Rs.102.17
Euro	1	Rs.74.38

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

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