MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	JAI SHREE RASAYAN UDYOG LIMITED
Registered Office :	501, Gopal Heights, D-9, Netaji Subhash Place, Pitampura, New Delhi – 110034
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.01.1993
Com. Reg. No.:	55-051854
Capital Investment / Paid-up Capital :	Rs.16.092 Millions
CIN No.: [Company Identification No.]	U74899DL1993PLC051854
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04826D
PAN No.: [Permanent Account No.]	AAACJ0715C
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Pesticides, Fertilizers.
No. of Employees :	250 [Office + Factory] 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 714000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory 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.

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 PARTED BY

Name :	Mr. Harish Sharma
Designation :	Finance Manager
Contact No.:	91-11-40040400
Date :	20.12.2011

LOCATIONS

Registered Office :	501, Gopal Heights, D-9, Netaji Subhash Place, Pitampura, New Delhi – 110034, India
Tel. No.:	91-11-40040400
Fax No.:	91-11-40040444
E-Mail :	finance@jaishreerasayan.org djain128@gmail.com rasayan12@eth.net info@jaishreerasayan.org ceo@jaishreerasayan.org exim@jaishreerasayan.org carasayan@jaishreerasayan.org
Website :	http://www.jaishreerasayan.org
Area :	10000 sq. ft.
Location :	Owned
Factory :	Located at · Haryana · Kundli
Branches :	Located at · Ahmedabad · Aurangabad · Balakati · Bhatinda · Ghaziabad · Hanumangarh · Hissar · Hyderabad · Indore · Jaipur · Karnal · Kashipur · Kolkata · Kundli · Lucknow · Ludhiana · Murthal · Nathpur · Patna · Raipur · Samba · Sindhanur

DIRECTORS

As On 29.09.2010

Name :

Mr. Chand Pal Singh

Designation :

Director

Address :

House No.1426, Gali No. 5, Alipur, Delhi – 110 036, India

Date of Birth/Age :

15.11.1955

Date of Appointment :

01.10.2007

DIN :

01793319

Name :

Mr. Sanjay Aggarwal

Designation :

Director

Address :

B-2 / 62, Ashok Vihar, Phase – II, Delhi – 110 052, India

Date of Birth/Age :

11.02.1974

Date of Appointment :

22.01.1993

DIN :

00763635

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	U74899DL1993PLC051854	JAI SHREE RASAYAN UDYOG LIMITED	Whole-time director	30/09/2007	22/01/1993	Active	NO
2	U74899DL1994PTC060022	INDO GULF CROP SCIENCE PRIVATE LIMITED	Director	5/7/1994	5/7/1994	Active	NO
3	U74899DL1994PTC060214	GREEN AGRIASIA PRIVATE LIMITED	Director	30/04/1997	30/04/1997	Active	NO
4	U74899DL1988PTC033334	BARATHI TRADE LINKS PRIVATE LIMITED	Director	28/09/2004	28/09/2004	Active	NO
5	U24211DL2008PTC182300	SHRISONS CROP SOLUTIONS PRIVATE LIMITED	Director	22/08/2008	22/08/2008	Active	NO
6	U01403DL2010PTC198417	SIERRE CROPSCIENCES PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO

Name :

Mr. Om Prakash Aggarwal

Designation :

Managing Director

Address :

B-2 / 62, Ashok Vihar, Delhi – 110 052, India

Date of Birth/Age :

26.02.1950

Date of Appointment :

22.01.1993

DIN :

00732440

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	U74899DL1993PLC051854	JAI SHREE RASAYAN UDYOG LIMITED	Managing director	30/09/2007	22/01/1993	Active	NO
2	U74899DL1994PTC060214	GREEN AGRIASIA PRIVATE LIMITED	Director	30/04/1997	30/04/1997	Active	NO

Name :

Mr. Anshu Aggarwal

Designation :

Director

Address :

B-2 / 62, Ashok Vihar, Phase – II, Delhi – 110 052, India

Date of Birth/Age :

17.02.1974

Date of Appointment :

01.01.2002

DIN :

00732690

Name :

Mrs. Abhilasha Aggarwal

Designation :

Director

Address :

B-2 / 62, Ashok Vihar, Phase – II, Delhi – 110 052, India

Date of Birth/Age :

08.06.1953

Date of Appointment :

22.01.1993

DIN :

00765874

DIRECTORS

Name :	Mr. Harish Sharma
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 29.09.2010

Names of Shareholders	No. of Equity Shares
Om Prakash Aggarwal	222950
Abhuilasha Aggarwal	166050
Sanjay Aggarwal	147500
Bharathi Trade Links Private Limited, Delhi	240000
Indo Gulf Crop Science Private Limited, Delhi	340000
O.P. Aggarwal (HUF)	184950
Rachita Aggarwal	44400
Kamlesh Aggarwal	29000
Anshu Aggarwal	61100
Sunita Bansal	100
Sanjeev Aggarwal	20000
Parveen Kumar Bansal HUF	5000
Green Agrisasia Private Limited, Delhi	75000
Shruti Gupta	4000
Amrita Gupta	50
Sanjay Aggarwal (HUF)	19050
Tarun Kumar Bansal (HUF)	50
Vinita Gupta	50
Total	1559250

As On 29.09.2010

Names of Shareholders	No. of Preference Shares
Om Prakash Aggarwal	32500
Sanjay Aggarwal	17500
Total	50000

As On 29.09.2010

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	62.80
Bodies corporate	37.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pesticides, Fertilizers.
Products :	· Fungicides · Herbicides · Insecticides · Micro nutrients, Fertilizers and Bioproducts · Termiticides
Exports :
Products :	Pesticides
Countries :	· Europe · Nigeria · Iraq
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS [As on 31.03.2010]

PARTICULERS	UNITS	2009-10	2008-09
LICENCED CAPACITY		NA	NA
INSTALLED CAPACITY
Fertilizers	M.T.	4000.000	3500.000
Fertilizers Liquid	Ltrs.	150000.000	150000.000
Pesticides Liquid	Ltrs.	1800000.000	1250000.000
Pesticides WDP	M.T.	4000.000	3000.000
ACTUAL PRODUCTION
Fertilizers	M.T.	3757.340	3242.778
Fertilizers Liquid	Ltrs.	89871.370	3730.370
Pesticides Liquid	Ltrs.	1580143.460	1300444.480
Pesticides WDP	M.T.	3770.853	3271.529

GENERAL INFORMATION

Suppliers :

Sardar Fertilizers

Customers :

Wholesalers, Retailers and End Users

• Royal Agro

No. of Employees :

250 [Office + Factory] Approximately

Bankers :

• HDFC Bank, Gujranwala Town Branch
• HDFC Bank, Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra, India

• ICICI Bank, Model Town

• Centurion Bank of Punjab Limited, B-11, Gujranwala Town Part – I, Opp. Model Town, Ring Road, Delhi – 110 033, Delhi, India

Facilities :

Cash Credit – Rs. 250.000 millions [From HDFC Bank]
Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
HDFC Bank Limited-Delhi (Secured Against Hypothecation of Stock, Book Debts, Machineries and personal Guarantee of directors)	45.779	28.306
HDFC Bank Limited – Samba (Secured against hypothecation of stock book debts and equitable mortgage of land and building machineries and personal guarantee of director )	39.983	23.737
Term Loan (HDFC Bank Limited-Samba) (Secured against hypothecation of fixed assets at samba unit)	3.239	5.988
Term Loan (HDFC Bank Limited) (Secured against hypothecation of fixed assets at Nathupur unit)	4.806	0.000
From ICICI Bank Limited (Secured Against Hypothecation of Tata 407 Commercial Vehicles)	1.222	0.212
From Various Banks (Secured Against Hypothecation of Cars)	2.965	2.766
Total	97.994	61.009
Unsecured Loans (Rs. In Millions)	31.03.2010	31.03.2009
From Directors	8.387	1.731
From others	17.171	16.907
Total	25.558	18.638

Banking Relations :	--
Auditors :
Name :	Mohit Parekh and Company Chartered Accountants
Address :	572, Gandhi Cloth Market, 2^nd Floor, Chandani Chowk, Delhi – 110006, India
Tel No.:	91-11-23918093
Fax No.:	91-11-23958933
Memberships :	· HPMA · NIPMA · CHEMEXCIL · PMFAI · FICCI · Delhi Chamber of Commerce
Group Companies :	Indogulf Crop Science Private Limited

CAPITAL STRUCTURE

As On 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1,600,000	Equity Shares	Rs.10/- each	Rs.16.000 millions
150,000	Non Cumulative Preference Shares	Rs.10/- each	Rs.1.500 millions
	Total		Rs.17.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,559,250	Equity Shares	Rs.10/- each	Rs.15.592 millions
50,000	Preference Shares	Rs.10/- each	Rs.0.500 million
	Total		Rs.16.092 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		16.092	16.092	16.092
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		162.455	110.639	67.037
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		178.547	126.731	83.129
LOAN FUNDS
1] Secured Loans		97.994	61.009	57.077
2] Unsecured Loans		25.558	18.639	22.826
TOTAL BORROWING		123.552	79.648	79.903
DEFERRED TAX LIABILITIES		0.489	0.514	0.694
TOTAL		302.588	206.893	163.726
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.963	43.437	36.864
Capital work-in-progress		0.512	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	285.054	171.431	138.150
	Sundry Debtors	112.498	83.348	73.307
	Cash & Bank Balances	1.384	5.663	5.827
	Other Current Assets	12.655	7.520	8.153
	Loans & Advances	65.793	41.400	26.903
Total Current Assets		477.384	309.362	252.340
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	199.909	132.701	120.338
	Provisions	24.362	13.205	5.140
Total Current Liabilities		224.271	145.906	125.478
Net Current Assets		253.113	163.456	126.862
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		302.588	206.893	163.726

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	811.689	693.338	487.445
		Other Income	1.456	0.598	4.605
		TOTAL (A)	813.145	693.936	492.050
Less	EXPENSES
		Finished Goods Purchased	94.038	30.159	27.832
		Raw Material Consumed	427.007	369.927	226.392
		Manufacturing Expense	119.733	109.593	64.690
		Excise duty	53.380	65.926	37.257
		Administrative Expense	49.203	39.053	31.297
		Selling and Distribution Expenses	61.602	43.521	43.893
		Loss of sale of assets	0.048	0.023	0.010
		Increase / Decrease in stock	(71.586)	(31.001)	11.662
		TOTAL (B)	733.425	627.201	443.033
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.720	66.735	49.017
Less	FINANCIAL EXPENSES (D)		9.320	8.324	7.949
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		70.400	58.411	41.068
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.449	6.924	6.871
	PROFIT BEFORE TAX (E-F) (G)		62.951	51.487	34.197
Less	TAX (I)		11.136	7.885	5.231
	PROFIT AFTER TAX (G-I) (J)		51.815	43.602	28.966
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.815	43.602	28.966
	Earnings Per Share (Rs.)		33.23	27.96	18.58

Particulars	31.03.2011
Sales Turnover [Approximately]	1150.000 [due to more investment and promotion of branch]

Expected Sales (2011-2012) : Rs. 1700.000 Millions

The above information has been parted by Mr. Harish Sharma [Finance Manager].

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.37	6.28	5.88
Net Profit Margin (PBT/Sales)	(%)	7.75	0.99	1.40
Return on Total Assets (PBT/Total Assets}	(%)	11.95	14.59	11.82
Return on Investment (ROI) (PBT/Networth)		0.35	0.40	0.41
Debt Equity Ratio (Total Liability/Networth)		1.94	5.19	2.47
Current Ratio (Current Asset/Current Liability)		2.12	2.12	2.01

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters 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	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Trade References :

• Sardar Fertilizers
• Royal Agro

NOTE : The Registered office address of the company has been shifted from M-4, Aradhana Bhawan Commercial Complex, Azadpur, Delhi – 110033, India to present w.e.f. 03.11.2010

OPERATIONS :

During the year company has performed very well as is evident from the results of the company. The company hopes to maintain the growth in the coming year.

FIXED ASSETS :

• Air conditioner
• Car
• Computer
• Computer printer
• Cycle
• Electric Transfarmer
• Electrical Fittings
• EPABX
• Factory Building
• Godown (M)
• Fax Machine
• Fire Extinguisher
• Furniture and Fixture
• Generator
• Jeep
• Lab Equipment
• Land
• Land – Plot for Guest House
• Motor Cycle
• Office Equipment
• Office Flats
• Plant and Machinery
• Refrigerator
• Scooter
• Software
• Transformer
• Truck
• Typewriter
• Water Pollution Control Equipment

FORM NO. 8

Corporate identity number of the company	U74899DL1993PLC051854
Name of the company	JAI SHREE RASAYAN UDYOG LIMITED
Address of the registered office or of the principal place of business in India of the company	M-4, Aradhana Bhawan Commercial Complex, Azadpur, Delhi – 110 033, Delhi, India
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	Centurion Bank of Punjab Limited B-11, Gujranwala Town Part – I, Opp. Model Town, Ring Road, Delhi – 110 033, Delhi, India
Nature of instrument creating charge	Loan cum Hypothecation Agreement
Date of instrument Creating the charge	15.03.2007
Amount secured by the charge	Rs.0.650 million
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of Interest Rate of Interest – 12.50% p.a. · Terms of repayment 35 Equal monthly instalment of Rs.0.021 million · Margin 14% · Extent and operation of the charge First charge in favor of the Bank and Asset financed by the Bank will be the security and borrower will pay the whole loan amount with interest and all costs, charges and expenses incurred by the Bank related therewith. The bank will charge overdue interest @ upto 2% p.m. in the event of non payment of instalments as per schedule on the outstanding amount. · Others Other terms and conditions will be as per the agreement
Particulars of the property charged	LPT 1109 42EX 416424BSZ108117 497TC93BSZ10543

Corporate identity number of the company	U74899DL1993PLC051854
Name of the company	JAI SHREE RASAYAN UDYOG LTD
Address of the registered office or of the principal place of business in India of the company	501, Gopal Heights, D-9, Netaji Subhash Place, New Delhi – 110034, Delhi, India
This form is for	Modification of charge
Type of charge	Movable Property Floating Charge Book Debts
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	Supplementary Letter of Hypothecation..
Date of instrument Creating the charge	29.10.2010
Amount secured by the charge	Rs. 155.852 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment : 1. Working Capital facility shall be repayable on demand. 2. Term Loan shall be repayable in suitable instalments. Margin : As may be stipulated by the Bank from time to time. Extent and operation of charge : Hypothecation by way of First Charge on Company's Stocks, Book Debts, Plant & Machinery and Vehicles etc, to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.1558.52 Lacs together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short Particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties---- as per annexure attached All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights---- as per annexure attached The movable plant and machinery and vehicles, which may now or at any time hereafter belong to the Borrower or come to the --- as per annexure attached.
Date of last modification prior to present modification	26.08.2009
Particulars of the present modification	The Charge shall now stand increased from to Rs.135.679 Millions to Rs.155.852 Millions (Comprising: Overall facility under the MFA/addendum of Rs.134.000 Millions, TL of Rs.10.102 Millions, PSR of Rs.11.750 Millions) against the security of Stocks, Book Debts, Plant & Machinery and Vehicles of the Company.

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.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

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.