MIRA INFORM REPORT

Report Date :

10.12.2011

IDENTIFICATION DETAILS

Name :	ANUPAM RASAYAN INDIA LIMITED
Registered Office :	Plot No. 8110, GIDC Industrial Estate, Sachin, District Surat-394230. Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.09.2003
Com. Reg. No.:	04-042988
Capital Investment / Paid-up Capital :	Rs.80.000 Millions
CIN No.: [Company Identification No.]	U24231GJ2003PLC042988
TAN No.: [Tax Deduction & Collection Account No.]	SRTA01589A
PAN No.: [Permanent Account No.]	AAECA4575D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Specialty Chemicals.
No. of Employees :	280 (Approximately)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

INFORMATION PARTED BY

Name :	Mr. Anand
Designation :	Director
Contact No.:	91-9825123708
Date :	09.12.2011

LOCATIONS

Registered Office/ Factory :	Plot No.8110, GIDC Industrial Estate, Sachin, District Surat – 394230, Gujarat, India
Tel. No.:	91-261-2398991/ 2398993/ 94/ 95
Mobile No.:	91-9825123708 (Mr. Anand)
Fax No.:	91-261-2398996/ 2475709
E-Mail :	anand@anupanrasayan.com office@anupamrasayan.com exports@anupamrasayan.com
Website :	http://www.anupamrasayan.com
Area :	9000 sq. ft.
Location :	Owned
Corporate Office :	No. 2-701 GIDC, Sachin, Surat- 394230, Gujarat, India
Area :	6000 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mrs. Hansaben Sureshchandra Desai

Designation :

Director

Address :

5, Janatanagar, Opp. Kapadia Health Club, New Civil Road, Surat-395003, Gujarat

Date of Birth/Age :

18.11.1944

Qualification:

B.Com

Date of Appointment :

30.09.2003

DIN No.:

00038423

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Whole-time director	1/4/2011	30/09/2003	Active	NO

Name :

Mr. Ashwin Jayantilal Desai

Designation :

Managing Director

Address :

40, Jaldarshan Society, Near Umrigar School, Umra, Surat – 395007, Gujarat

Date of Birth/Age :

18.09.1951

Qualification:

Chemical Engineer

Date of Appointment :

30.09.2003

DIN No.:

00038386

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1988PTC011199	REHASH INDUSTRIAL AND RESINS CHEMICALS PRIVATE LIMITED	Director	20/04/1995	20/04/1995	-	Active	NO
2	U29199GJ1998PLC033633	GLOBE ENVIRO CARE LIMITED	Director	16/02/1998	16/02/1998	-	Active	NO
3	U24110MH1992PTC068653	SHRI VINAYAK CHEMEX (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	1/4/2008	Active	NO
4	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Managing director	1/4/2011	30/09/2003	-	Active	NO

Name :

Mr. Anand Sureshchandra Desai

Designation :

Managing Director

Address :

5, Janatanagar, Opp. Kapadia Health Club, New Civil Road, Surat- 395003, Gujarat

Date of Birth/Age :

12.12.1973

Qualification:

B.Com

Date of Appointment :

30.09.2003

DIN No.:

00038442

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1988PTC011199	REHASH INDUSTRIAL AND RESINS CHEMICALS PRIVATE LIMITED	Director	4/8/1998	4/8/1998	-	Active	NO
2	U24110MH1992PTC068653	SHRI VINAYAK CHEMEX (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	1/4/2008	Active	NO
3	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Managing director	1/4/2011	30/09/2003	-	Active	NO
4	U74990MH2010PTC199647	ATHARVA EXOCHEM PRIVATE LIMITED	Director	3/2/2010	3/2/2010	-	Active	NO

Name :

Mrs. Purnima Ashwin Desai

Designation :

Director

Address :

40,Jaldarshan Society, Near Umrigar School, Umra, Surat – 395007, Gujarat

Date of Birth/Age :

24.01.1954

Qualification:

B.Com

Date of Appointment :

30.09.2003

DIN No.:

00038399

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Whole-time director	1/4/2011	30/09/2003	Active	NO
2	U74900GJ2007PTC052420	REDEFINE ENTERPRISES PRIVATE LIMITED	Director	24/12/2007	24/12/2007	Active	YES

Name :

Mrs. Mona Anandbhai Desai

Designation :

Director

Address :

5, Janatanagar, Opposite Kapadia Health Club, New Civil Road, Surat – 395007, Gujarat

Date of Birth/Age :

12.10.1975

Qualification:

B.Com

Date of Appointment :

30.09.2003

DIN No.:

00038429

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Whole-time director	1/4/2011	30/09/2003	Active	NO

Name :

Mr. Rohan Ashwin Desai

Designation :

Director

Address :

40, Jaldarshan Society, Near Umrigar School, Umra, Surat- 395007, Gujarat

Date of Birth/Age :

16.09.1979

Qualification:

B.Com

Date of Appointment :

01.08.2004

DIN No.:

00038379

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Whole-time director	1/4/2011	1/8/2004	Active	NO
2	U74900GJ2007PTC052420	REDEFINE ENTERPRISES PRIVATE LIMITED	Director	24/12/2007	24/12/2007	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Hansa Sureshchandra Desai	270313
Anand Sureshchandra Desai	1515625
Mona Anandbhai Desai	828125
Purnima Ashwin Desai	1031250
Ashwin Jayantilal Desai	1750000
Rohan Ashwin Desai	656250
Aman Ashwin Desai	671875
Bharatkumar Desai	78125
Sarojini Dalal	117187
Meenaben Desai	46875
Ashwin Desai	242188
Rehash Industrial and Resin Chemicals Private Limited	1062500
Shraddha Anand Desai	1729687
Total	10000000

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Bodies corporate	10.62
Directors or relatives of directors	89.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Specialty Chemicals.
Exports :
Products :	Specialty Chemicals
Countries :	· UK · China
Imports :
Products :	Chemical
Countries :	· China · Europe
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Specialty Chemicals	MT	5850	5850	2971.88

GENERAL INFORMATION

Customers :

Retailers and End Users

· Bayer

· Syngenta

Suppliers :

· Aarti Industries

· Panoli Industries Private Limited

No. of Employees :

280 (Approximately)

Bankers :

· Bank of India,

Surart MID Corporate Branch, BOI Building, Near BSNL Office, Ghod Dod Road, Surat – 395001, Gujarat, India

· Yes Bank Limited

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· Standard Chartered Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Bank of India Cash Credit account (Secured against hypothecation of book Debts)	14.100	14.100
Bank of India FPB Main Branch (Secured against hypothecation of factory Shed factory Building and Capital Assets	43.547	36.381
Bank of India CC Account (Secured against hypothecation of Stock-in-trade)	7.923	6.374
Bank of India (Export Packing Credit) (Secured against hypothecation of Stock-in-trade)	117.476	114.168
Bank of India – Term Loan (Secured against hypothecation of Book Debts, stock-in-trade, plots and Plant and Machinery)	48.517	57.105
Standard Chartered Bank loan a/c Packing Credit A/c (Secured by personal Guarantee of directors)	44.154	58.586
Other Loan A/c	21.690	21.439
HDFC Bank Car Loans (secured against car)	0.000	0.662
Bank of India Corporate Loan (Secured against hypothecation charge on stock, book debts and equitable mortgaged on fixed assets)	55.626	78.529
Standard chartered Export Finance Loan	100.025	0.000
Total	453.058	387.344
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Loans from directors, members and Others	38.568	43.197
Total	38.568	43.197

Banking Relations :	--
Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountants
Address :	1^st Floor, River Palace – II, Near Navdi Ovara, Nanpura, Surat – 395001, Gujarat, India
Tel No.:	91-261-3057777/ 2465585
Fax No.:	91-261-3995511
Email :	vepari@youtele.com
PAN No.:	AADFN5448E

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Share	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Share	Rs.10/- each	Rs.100.000 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Share	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Share	Rs.10/- each	Rs.80.000 Millions

NOTE:

Of the above shares, 400,000 shares are allotted as fully paid up for consideration other than cash on the firm converted into company under chapter IX of the companies Act, 1956)

Of the above shares 23,10,000 shares are allotted as fully paid-up for consideration other than cash on settlement of the liability

Of the above Shares, 36,00,000 shares are allotted as fully paid-up by way, of bonus shares by capitalisation of profits from Share Premium Account

Of the above Shares, 15,77,500 shares are allotted as fully paid up by way of bonus shares by capitatisation of profit from Profit and Loss Account

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		80.000	80.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		175.492	106.964	79.637
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		255.492	186.964	159.637
LOAN FUNDS
1] Secured Loans		453.058	387.344	401.737
2] Unsecured Loans		38.568	43.197	34.775
TOTAL BORROWING		491.626	430.541	436.512
DEFERRED TAX LIABILITIES		29.316	25.062	21.552
TOTAL		776.434	642.567	617.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		399.068	334.846	301.799
Capital work-in-progress		5.083	2.325	2.324
INVESTMENT		14.453	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	260.180	247.348	219.377
	Sundry Debtors	159.095	109.535	152.137
	Cash & Bank Balances	4.733	6.046	5.882
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	70.398	48.658	87.363
Total Current Assets		494.406	411.587	464.759
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	111.364	89.591	120.736
	Other Current Liabilities	2.306	10.821	6.554
	Provisions	22.906	15.883	24.100
Total Current Liabilities		136.576	106.295	151.390
Net Current Assets		357.830	305.292	313.369
MISCELLANEOUS EXPENSES		0.000	0.104	0.209
TOTAL		776.434	642.567	617.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	971.834	727.053	580.059
		Jobwork Income	0.224	1.410	1.786
		Other Income	0.250	8.576	2.154
		TOTAL (A)	972.308	737.039	583.999
Less	EXPENSES
		Increase/ (Decrease) in Finish Goods Stock	3.643	7.634	(40.233)
		Consumption of Raw Materials	573.626	429.498	387.658
		Manufacturing and Other Expenses	118.944	78.899	73.840
		Payment and Benefits to Employees	24.524	17.327	19.372
		Administrative and Other Expenses	30.657	20.979	21.243
		Selling and Distributors Expenses	18.946	18.829	16.133
		Preliminary Expenses	0.105	0.105	0.126
		Loss on Sale of Fixed Assets	0.417	0.000	0.000
		Foreign Exchange Rate Difference	20.536	44.286	0.000
		TOTAL (B)	791.398	617.557	478.139
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		180.910	119.482	105.860
Less	FINANCIAL EXPENSES (D)		64.281	61.116	50.899
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		116.629	58.366	54.961
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.625	19.629	17.615
	PROFIT BEFORE TAX (E-F) (G)		93.004	38.737	37.346
Less	TAX (H)		24.476	11.410	11.859
	PROFIT AFTER TAX (G-H) (I)		68.528	27.327	25.487
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		106.964	79.637	54.150
	BALANCE CARRIED TO THE B/S		175.492	106.964	79.637
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	624.357	539.124	495.882
	TOTAL EARNINGS		624.357	539.124	495.882
	IMPORTS
		Raw Materials	201.203	152.476	134.912
		Capital Goods	0.000	0.000	0.000
	TOTAL IMPORTS		201.203	152.476	134.912
	Earnings Per Share (Rs.)		8.57	3.42	3.19

Particulars	31.03.2011
Sales Turnover (Approximately)	1070.000

Expected Sales (2011-12): Rs.1380.000 Millions

The above information has been parted by Mr. Anand.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.05	3.71	4.36
Net Profit Margin (PBT/Sales)	(%)	9.57	5.33	6.44
Return on Total Assets (PBT/Total Assets}	(%)	10.41	5.19	4.87
Return on Investment (ROI) (PBT/Networth)		0.36	0.21	0.23
Debt Equity Ratio (Total Liability/Networth)		2.46	2.87	3.68
Current Ratio (Current Asset/Current Liability)		3.62	3.87	3.07

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors	85.493	64.631	109.225
Sundry Creditors for Expenses	6.621	6.074	0.533
Sundry Creditors for Capital Goods	19.250	18.886	10.978
Total	111.364	89.591	120.736

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	------
Reasons for variation <> 20%	------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	------
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	------
Litigations that the firm/ Promoters Involved in	------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	------
Buyer visit details	------
Financials, if provided	No
Incorporation details is applicable	------
Last Accounts filed at ROC	------
Major Shareholders, if available	------

PERFORMANCE:

The turnover of the company has increased to Rs.972.058 Millions compared to Rs.728.462 Millions in previous year. Also, the cash profit of the company has increased to Rs. 93.004 Millions against cash profit of Rs.58.366 Millions of previous year. The Company has focused its attention to be a leader in its core business operation and a diversified geographical corporate house by giving thrust to both domestic and international market.

The company has added value added products in their products and after completing campaign orders during the year, the company started to receive regular orders. The Company has also put hard efforts to improve the operational efficiency at the plant level, commitment towards the quality production, continuous efforts in the area of R and D, effective cost control measures to minimize the cost of production and reduction in wastage.

FUTURE OUTLOOK

The company’s performance will improve substantially with good export orders position on hand. The company is having ISO 9001 and ISO 14000 certificate and star export house status. Looking to the continuous control over the quality and in house R and D, the directors are confident that there is good growth potential for the Company in the domestic market as well as in export front company has achieved good turnover. The directors hope relentless commitment of the company towards productivity, efficiency and control over the cost will result in better performance of the company and increasing reward to the shareholders of the company in the future years.

TRADE REFERENCES:

· Bayer

· Syngenta

· Aarti Industries

· Panoli Industries Private Limited

FIXED ASSETS

· Office Equipments

· Mobile

· Generator

· Vehicles

· Laboratory Equipments

· Plot

· Tractor

· VSNL-V-SAT

· Furniture and Fixture

· Fire Extinguisher

· Factory Building

· Electric Fitting and Fixture

· Cycle

· Computer

· Motor Car

· Gas Train Installation

· Water Pollution Plant

· Land

· Industrial Shed

· Factory Equipment

· Air Conditioners

· Machinery Equipment

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 records 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.51.77
UK Pound	1	Rs.81.32
Euro	1	Rs.69.42

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
--PROFITABILIRY	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.