MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	SAJJAN INDIA LIMITED
Formerly Known As :	SAJJAN IMPEX LIMITED
Registered Office :	Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.09.1983
Com. Reg. No.:	11-030874
Capital Investment / Paid-up Capital :	Rs.40.691 Millions
CIN No.: [Company Identification No.]	U51900MH1983PLC030874
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42160G
PAN No.: [Permanent Account No.]	AAACS6498M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company mainly deals in Dye Intermediates and other chemicals and in Power Generation.
No. of Employees :	295 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 13000000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having fine track. 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. Profit and loss account of the company for the current year is not available.

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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Management non-cooperative

LOCATIONS

Registered/ Head Office :	Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-24974400/ 24974401/ 24975700/ 2497570/ 24974400
Fax No.:	91-22-24950588/ 24951098
E-Mail :	sajjan@bom2.vsnl.net.in sil@sajjan.com mehta@sajjan.com
Website :	http://www.sajjan.com http://www.sajjanindia.com
Factory :	Plot No. 6117-19, GIDC, Ankleshwar – 393 003, District Bharuch, Gujarat, India
Tel. No.:	91-2646-22180/52181
Fax No.:	91-2646-52181
Warehouse:	Located at: v Bhiwandi – 55 Kms from Mumbai, Thane, Maharashtra, India v Dhongri, Greater Bombay, Maharashtra, India

DIRECTORS

As on 30.09.2009

Name :

Mr. Kartikeya Kamalesh Kumar Maheshwari

Designation :

Director

Address :

Maheshwari House, 36 L Jagmohandas Marg, Mumbai – 400 036, Maharashtra, India

Date of Birth/Age :

28.10.1974

Date of Appointment :

12.08.2004

DIN No.:

00078494

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	U99999MH1961PTC012229	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED	Whole-time director	01-12-10	05-07-94	-	Active	NO
2	U51900MH1946PTC004815	JAYASHREE TRADERS PRIVATE LIMITED	Whole-time director	01-08-11	01-01-96	-	Active	NO
3	U24246MH1969PTC014478	IIRNS PUBLICATIONS PRIVATE LIMITED	Director	31-07-96	31-07-96	23-07-08	Active	NO
4	U67120MH1980PTC023349	RIVIERA INVESTORS PRIVATE LIMITED	Director	02-11-98	02-11-98	-	Active	NO
5	U74140MH1978PTC020492	UNIVERSAL LABORATORIES PRIVATE LIMITED	Director	01-02-99	01-02-99	13-05-10	Active	NO
6	U51900MH1983PLC030874	SAJJAN INDIA LIMITED	Director	12-08-04	12-08-04	-	Active	NO
7	U24119MH2006PTC164256	UNIVERSAL FINE CHEMICALS PRIVATE LIMITED	Director	01-09-06	01-09-06	20-12-08	Active	NO
8	U24233MH2007PLC170668	SAJJAN SPECIALTY LIMITED	Director	08-05-07	08-05-07	-	Active	NO

Name :

Mr. Madhav Prasad Aggarwal

Designation :

Director

Address :

15-B, Darbhanga Mansion, 3^rd Floor,12, Carmichael Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

21.09.1962

Date of Appointment :

25.12.1997

DIN No.:

00109434

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	U51900MH1953PTC009132	AGARWAL MARKETING PRIVATE LIMITED	Director	04-02-85	04-02-85	Active	NO
2	U25110MH1988PTC049781	SAJJAN OVERSEAS PRIVATE LIMITED	Director	25-11-88	25-11-88	Active	NO
3	U24246MP1974PTC001269	SAJJAN CHEMICALS PRIVATE LIMITED	Director	01-09-97	01-09-97	Active	NO
4	U51900MH1983PLC030874	SAJJAN INDIA LIMITED	Director	25-12-97	25-12-97	Active	NO
5	U24233MH2007PLC170668	SAJJAN SPECIALTY LIMITED	Director	08-05-07	08-05-07	Active	NO
6	U51900MH2007PTC170918	AGRASEN IMPEX PRIVATE LIMITED	Director	17-05-07	17-05-07	Active	NO
7	U24233MH2010PTC198856	AGRASEN DYES AND INTERMEDIATES PRIVATE LIMITED	Director	13-01-10	13-01-10	Active	NO
8	U70102MH2011PTC217100	AGARWAL VENTURES PRIVATE LIMITED	Director	05-05-11	05-05-11	Active	NO

Name :

Mr. Raj Kumar Seksaria

Designation :

Whole-time Director

Address :

A-3, HImbndu, Sector 10, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

12.12.1951

Date of Appointment :

16.03.2009

DIN No.:

02604654

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	U51900MH1983PLC030874	SAJJAN INDIA LIMITED	Whole-time director	02-05-10	16-03-09	Active	NO
2	U24110MH1996PTC104121	SAJJAN CHEMICALS AND INVESTMENTS PRIVATE LIMITED	Director	30-09-09	20-03-09	Active	NO
3	U24233MH2007PLC170668	SAJJAN SPECIALTY LIMITED	Director	30-09-09	20-03-09	Active	NO
4	U51909MH2011PTC220827	ABHAY VENTURES PRIVATE LIMITED	Director	10-08-11	10-08-11	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2009

Names of Shareholders	No. of Shares
Eshita M. Agrawal	53500
Priyanka M. Agarwal	11000
M. P. Agarwal HUF	955400
Sushama M. Agarwal	124000
Priyata International, India held in the name of M. P. Agarwal	700000
Om International, India held in the name of Sushama Agarwal	364000
Sajjan Overseas Private Limited, India	140000
Agarwal Marketing Private Limited, India	977200
Manisha Saraf	10
Madhav Prasad Aggarwal	743990
Total	4069100

As on 30.09.2009

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	29.25
Directors or relatives of directors	42.89
Other top fifty shareholders	27.86
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company mainly deals in Dye Intermediates and other chemicals and in Power Generation.

Products :

Products Descriptions	Item Code No.
W. Acid	29215903
S. Acid	29335109
P. Acid	29162000
Y. Acid	29222919

PRODUCTION STATUS (As on 31.03.2010)

Licensed and installed capacity (in MT):

	As on 31.03.2010
i) Licensed Capacity	16179
ii) Installed Capacity	9200

Particulars	Production
Chemical Intermediates	*35,34,536

* Production and Sales Quantity excluding Power Generation units from CPP 1,30,62,700.00 KWh

GENERAL INFORMATION

No. of Employees :

295 (Approximately)

Bankers :

v ABN Ambro Bank N.V., 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai – 400 001, Maharashtra, India

v Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Bank of India, B and C Wing, Mittal Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Citibank N.A.

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Pre-Shipment Credit From ABN Amro Bank N.V.
- Foreign Currency	22.960	58.570
- In Rupees (Secured by charge / Hypothecation of Stock of Raw Materials, Stores and Spares, Stock in Process, Finished Products and Book Debts)	106.000	0.000
Post Shipment Loan from ABN Amro Bank N.V. (In Foreign Currency) (Secured by charge / Hypothecation of Stock of Raw Materials, Stores and Spares, Stock in Process, Finished Products and Book Debts	0.000	36.058
Total	128.960	94.628

Banking Relations :	Satisfactory
Auditors :
Name :	Sankarlal Jain And Associates Chartered Accountants
Address :	12, Engineer Building, 265 Princess Street, Mumbai – 400 002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFS6967Q
Memberships :	Basic Chemicals Pharmaceuticals and Cosmetics Export Promotion Council
Subsidiary Company :	Agrasen Impex Private Limited, India CIN No.: U51900MH2007PTC170918 Date of Incorporation: 17^th May, 2007 Sajjan Specialty Limited, India CIN No.: U24233MH2007PLC170668 Date of Incorporation: 8^th May 2007 Agrasen Dyes and Intermediates Private Limited, India CIN No.: U24233MH2010PTC198856 Date of Incorporation: 13^th January, 2010
Associate Concern :	v Sajjan Overseas Private Limited v Sajjan Chemicals Private Limited v Om Intercontinental v Priyata Intercontinental

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4069100	Equity Shares	Rs.10/- each	Rs.40.691 Millions

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		40.691	40.691	40.691
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3315.432	2948.595	2804.226
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3356.123	2989.286	2844.917
LOAN FUNDS
1] Secured Loans		128.960	94.628	343.896
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		128.960	94.628	343.896
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3485.083	3083.914	3188.813
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		662.780	678.572	626.889
Capital work-in-progress		17.120	8.368	0.000
INVESTMENT		1646.869	1266.637	1516.999
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	615.097	664.677	713.489
	Sundry Debtors	348.732	376.342	476.005
	Cash & Bank Balances	18.777	35.947	27.352
	Export Incentive Receivables	1.618	7.107	0.687
	Loans & Advances	425.486	249.109	194.989
Total Current Assets		1409.710	1333.182	1412.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	197.444	172.275	341.599
	Other Current Liabilities	53.952	30.570	25.998
	Provisions	0.000	0.000	0.000
Total Current Liabilities		251.396	202.845	367.597
Net Current Assets		1158.314	1130.337	1044.925
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3485.083	3083.914	3188.813

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	2476.921	1564.329
		Other Income		238.606	94.285
		TOTAL	NA	2715.527	1658.614
Less	EXPENSES
		Office Expenses	NA	2363.214	1207.023
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	2363.214	1207.023
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	352.313	451.591
Less/ Add	DEPRECIATION/ AMORTISATION		NA	131.529	141.185
	PROFIT BEFORE TAX		NA	220.784	310.406
Less	TAX		NA	76.355	33.500
	PROFIT AFTER TAX		366.895	144.429	276.906
	EARNINGS IN FOREIGN CURRENCY
		FOB value of goods exported	1802.039	2232.355	1470.335
	TOTAL EARNINGS		1802.039	2232.355	1470.335
	IMPORTS
		Raw Materials	316.232	562.540	567.083
	TOTAL IMPORTS		316.232	562.540	567.083
	Earnings Per Share (Rs.)		90.17	35.49	68.05

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	5.32	16.70
Net Profit Margin (PBT/Sales)	(%)	NA	8.91	19.84
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.97	15.22
Return on Investment (ROI) (PBT/Networth)		NA	0.07	0.11
Debt Equity Ratio (Total Liability/Networth)		0.11	0.10	0.25
Current Ratio (Current Asset/Current Liability)		5.61	6.57	3.84

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U51900MH1983PTC030874
Name of the company	SAJJAN INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India E-Mail: mehta@sajjan.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: kaveri.das@sc.com
Nature of description of the instrument creating or modifying the charge	Unattested Deed of Hypothecation
Date of instrument Creating the charge	15.10.2009
Amount secured by the charge	Rs.150.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Credit Facilities Interest / Commission – As agreed by and with the bank from time to time Terms of Repayment: As agreed by and with the bank from time to time Margin: As applicable if any Extent and Operation of the charge: The bank is having first pari passu charge on the security given by the company.
Short particulars of the property charged	Hypothecation by way of first pari passu charge on all present and future book debts outstanding moneys receivables, claims and bills Hypothecation by way of first charge on all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise

Name of the company

SAJJAN INDIA LIMITED

Presented By

Oriental Bank of Commerce Overseas Branch, Dalamal Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India

1) Date and description of instrument creating the change

28^th January, 2003 Agreement of Hypothecation of Assets.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.150.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

At the request of the Borrower, the bank has sanctioned following limit:

Nature of Facility	Amount in Millions
PCL/FDBP/FUDBP/PSL	150.000
(Sub Limit) a) Packing Credit / PCFL	150.000
b) FDBP/FUDBP/PSL/FCBRD	150.000

To secure the due repayment of the aforesaid limits, the borrower hereby hypothecate to the bank by way of first charge on all book debts (including present and future book debts, outstandings, decrees, money receivable, claims, bills, contracts, engagement, securities, investments bank deposits right) and all other movables of the borrower including unencumbered plant and machinery, documents of title to the goods and other assets, together with interest thereon at the agreed rates and rests as mentioned in this agreement and all costs, charges, expenses, incidental expenses, legal charges etc. and other money payable in respect of the said facilities and more clearly mentioned the aforesaid agreement.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest at the rate of 3.00 % p. a. over the Prime Lending Rate of the bank with minimum of 15.00 % p.a. to be calculated on the daily balance and charged on monthly rests or at such other rates as may be determined by the scribed by Reserve Bank of India and for all costs, charges, premium, penal interest, etc. Borrower agrees to pay penal interest of 2.00% p.a. with the agreed rate in case of default.

5) Name and Address and description of the person entitled to the charge.

Oriental Bank of Commerce Overseas Branch, Dalamal Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2010 (Rs. in millions)
i) Sales Tax demand disputed by the Company (Net of advance CY Rs. NIL)	NIL
ii) Corporate guarantee / Lien of Investment on behalf of the Om Intercontinental and Priyata Intercontinental	277.500
iii) Estimated amount of Capital contracts remaining to be executed (Net of advances CY Rs.38.451 millions)	174.777
iv) Income Tax demand being disputed and under appeal	80.864

FIXED ASSETS:

v Goodwill

v Lease Hold Land

v Plot at Lonawala

v Factory Building

v Factory Building (CPP)

v Bungalow and Flats

v Admin Building

v Lab Premises

v Plant and Machinery

v Plant and Machinery (CPP)

v Electrical Installations

v Laboratory Equipment

v Office Equipment

v Computer

v Furniture and Fixture

v Vehicles

v Cycles

v Club Membership

WEBSITE DETAILS:

Mile Stone:

1905: The family owned business house was established in year 1905 for the trade and export of jute and textiles.

1957: Subject Mills was established in Ratlam in the state of Madhya Pradesh. Subject Mills soon went onto to become one of the largest textile mills in central India employing over 3000 people. It developed a township around the Mill which consisted of schools, hospitals, residences and a temple complex.

1975: Subject started manufacturing speciality chemicals in Ratlam for export to Western Europe, USA and other countries.

1985: Subject establishes a direct relationship with Hoechst AG for sale of Dye intermediates.

1997: Chemical operations of Subject were moved to the current site in Ankleshwar which is located in the state of Gujarat and is the largest Chemical park in India.

2001: Diversified into manufacture of Agrochemical intermediates.

2003: Commenced manufacture of customer patented products under technology transfer.

2006: Commissioned Plant-3 - a fully automated plant - for the manufacture of Electronic chemicals under long term contract.

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.53.03
UK Pound	1	Rs.82.34
Euro	1	Rs.69.00

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.