MIRA INFORM REPORT

Report Date :

22.01.2011

IDENTIFICATION DETAILS

Name :	GANDHAR OIL REFINERY (INDIA) LIMITED

Formerly Known As :	SUNOCO INDUSTRIES PRIVATE LIMITED GANDHAR OIL REFINERY (INDIA) PRIVATE LIMITED

Registered Office :	29/3, Sewree Premises Co. Operative Society, Sewree (East), Mumbai- 400 015, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	07.10.1992

Com. Reg. No.:	11-68905

CIN No.: [Company Identification No.]	U23200MH1992PLC068905

TAN No.: [Tax Deduction & Collection Account No.]	MUMG09470G MUMG08489F

PAN No.: [Permanent Account No.]	AAACG3996J

Legal Form :	A Closely held public limited liability company.

Line of Business :	Manufacturer of Pharmaceutical Grade Mineral Oils and Petrolatums

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 2400000

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 dealing 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

LOCATIONS

Registered Office :	29/3, Sewree Premises Co. Operative Society, Sewree (East), Mumbai- 400 015, Maharashtra, India
Tel. No.:	91-22-24113667/24132804/24146105
E-Mail :	pur@gandharoil.com sales@gandharoil.com
Website :	www.gandharoil.com

Corporate Office :	10th Floor, 1001 Unique Towers, S. V. Road, Goregaon (W), Mumbai 400062, India
Tel. No.:	91-22-40635600
Fax No.:	91-22-40635601
E-Mail :	sales@gandharoil.com

Factory 1 :	T-10, MIDC Taloja Main Rd, Taluka Panvel. Dist:Raigad, Maharashtra, India
Tel. No.:	91-22-27412047/27401209
Fax No.:	91-22-27410408

Factory 2 :	Unit No.2, Plot No.2, Survey 678/1/3, Village Naroli,Near Naroli Cheack Post, Dadra and Nagar Haveli, Silvassa, India
Tel. No.:	91-260-3293702
Fax No.:	91-260-2651120

Branches :	Located At: v Indore v Udaipur

DIRECTORS

As On 08.11.2010

Name :	Mr. Ramesh Babulal Parekh
Designation :	Whole Time Director
Address :	A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India
Date of Birth/Age :	12.06.1954
Date of Appointment :	07.10.1992
DIN No. :	01108443

Name :	Mr. Jitendra Babulal Parekh
Designation :	Whole Time Director
Address :	A-701, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India
Date of Birth/Age :	26.11.1952
Date of Appointment :	19.01.1995
DIN No. :	01108480

Name :	Mr. Nathalal Narayandas Parekh
Designation :	Whole Time Director
Address :	502, Dahisar Parikh Co-Operative HSG. Limited, S.V. Road, Opposite Shiv Shakti Complex, Dahisar (East), Mumbai-400 068, Maharashtra, India
Date of Birth/Age :	08.10.1946
Date of Appointment :	03.08.2005
Date of Cessation :	16.08.2010
DIN No. :	01108413

Name :	Mr. Sameer Ramesh Parekh
Designation :	Managing Director
Address :	A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India
Date of Birth/Age :	12.04.1980
Qualification :	B.Com
Experience :	7 Years
Date of Appointment :	01.04.2008
DIN No. :	02225839

Name :	Mr. Aslesh Rameshkumar Parekh
Designation :	Managing Director
Address :	A – 802, Adarsh Classic, Adarsh Dugdhalay Road, Off Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	01.03.1982
Qualification :	M.B.A
Experience :	5 Years
Date of Appointment :	01.04.2008
DIN No. :	02225795

Name :	Mr. Kailash Babulal Parekh
Designation :	Additional Director
Address :	703/A, Adarsh Classic Off, Marve Road, Malad West, Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	15.04.1956
Date of Appointment :	19.01.2010
DIN No. :	02868124

Name :	Mr. Sitaram Ramgopal Choudhary
Designation :	Additional Director
Address :	C/55, Benher Apartment, Chanoavarkar lane, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	09.07.1974
Date of Appointment :	19.01.2010
DIN No. :	02873497

Name :	Mr. Rajiv Makhanlal Mattoo
Designation :	Whole Time Director
Address :	B-6, Vasundhara Tilak Road, Ghatkopar East, Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	21.12.1958
Date of Appointment :	13.08.2010
DIN No. :	01062384

Name :	Mr. Devanshu Pravinbhai Desai
Designation :	Additional Director
Address :	42, Dharam Prem, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	26.02.1963
Date of Appointment :	01.04.2010
DIN No. :	00493980

Name :	Mr. Adarsh Ramesh Parekh
Designation :	Whole Time Directors
Address :	A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India
Date of Birth/Age :	01.03.1982
Date of Appointment :	01.04.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 08.11.2010

Names of Shareholders		No. of Shares
Ramesh B. Parekh		200000
Jitendra B. Parekh		156000
Kailash B Parekh		156000
Gulab J. Parekh		20000
Pooja K. Parekh		16000
Kunal K. Parekh		16000
Samir R. Parekh		16000
Aslesh R. Parekh		16000
Saurabh R. Parekh		16000
Diya Parekh Jointly with Ramesh Parekh		16000
Ramesh Parekh Jointly with Sunita Parekh		103000
Sunita Parekh Jointly with Ramesh Parekh		44000
Rajiv Parekh Jointly with Jitendra B. Parekh		20000
Padmini Partkh Jointly with Kailash B Parekh		20000
Vithaldas G. parekh Jointly with Pravhadevi Parekh		140000
Manish V Parekh		20000
Neha M Parekh		20000
Prabhavati V Parekh		20000
Sharda Creation Private Limited – India		50000
Rajiv Jitendra Parekh		10000
Kunal Kailash Parekh		10000
Sameer Ramesh Parekh		10000
Ashlesh Ramesh Parekh		10000
Saurabh Ramesh Parekh		10000
Pooja Kailash Parekh		5000
Alka Rajiv Parekh		5000
Sharmishtha S Parekh		5000
Gangaram K Ingle		15000
Divya R Parekh		5000
Total		1150000

As On 08.11.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		4.35
Directors or relatives of directors		76.96
Other top fifty shareholders		18.69
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Grade Mineral Oils and Petrolatums

Products :

Item Code No.	Product Description
271000.19	Petroleum Oils

v White Oil and Paraffin Oils

v Petroleum Jellies

v Rubber Process Oils

v Transformer Oil

v Industrial Oils

v Industrial Fuels and Solvents

GENERAL INFORMATION

Bankers :

Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Oriental Bank of Commerce, Fort Branch, Jash Chambers, Ground Floor, Sir P. M. Road, Fort, Mumbai-400 001, Maharashtra, India

State Bank of India – Industrial Finacne Branch, S. V. Road, Malad (West), Mumbai – 400064, Maharashtra, India

HDFC Bank - HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans :	31.03.2010 Rs. In Millions	31.03.2009 Rs. in Millions
1. From Banks- Short Term A) Overdraft
Secured by Fixed Deposits with bank belonging to the relative of Directors	-	8.517
B) Cash Credit (Secured by hypothecation of Stocks, Work in Progress, Finished Goods, Stores and Spares and Receivables and Collaterally secured to be secured by i) Equitable Mortgage of certain Leasehold and Free Hold Land, Present and Future Plant and Machinery belonging to the Company. ii) Equitable Morgaged of certain officer/ Residential Premises belonging to the directors and their relatives and iii) Persoanl Guarantee of two directors and their relatives.	-	12.143
C) Vehicle Loan (Secured by hypothecation of vehicles.)	8.045	4.382
2. From Others (Secured by hypothecation of vehicles.)	-	0.382
Total	8.045	25.424

Unsecured Loans :	31.03.2010 Rs. In Millions	31.03.2009 Rs. in Millions
From Directors	138.217	87.246
From Banks Buyers credit (Import) repayable in Foreign Currency	707.236	292.953
Temporary Overdraft		0.029
Total	845.453	380.228


Banking Relations :	-

Auditors :
Name :	B. L. Sarda and Associates Chartered Accountants
Address :	61, Rajgir Chambers, 7^th Floor, Opposite Old Custom House, 12/14, Shahid Bhagat Singh Road, Mumbai-400 023, Maharashtra, India
Tel. No.:	91-22-22664618/22662752
Fax No.:	91-22-22665136
E-Mail :	bisassociates@yahoo.co.in
Pan No.:	AAASP1454H

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

1200000	Equity Shares	Rs.100 Each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1150000	Equity Shares	Rs.100 Each	Rs.115.000 Millions

Note:

862500 equity shares of Rs. 100/- each have been allotted as bonus equity shares by capitalization of general reserve to the extent of Rs. 65.000 Millions and captilisation of securities premium of Rs. 21.250 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		115.000	28.750	28.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		504.255	455.770	385.362
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		619.255	484.520	414.112
LOAN FUNDS
1] Secured Loans		8.045	25.424	8.437
2] Unsecured Loans		845.453	380.228	201.562
TOTAL BORROWING		853.498	405.652	209.999
DEFERRED TAX LIABILITIES		9.549	6.290	6.404

TOTAL		1482.302	896.462	630.515

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		354.059	324.588	293.776
Capital work-in-progress		25.732	7.596	8.664

INVESTMENT		0.020	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	376.099	125.054	127.466
	Sundry Debtors	501.457	307.795	158.908
	Cash & Bank Balances	265.017	81.822	85.283
	Other Current Assets	50.788	21.629	6.617
	Loans & Advances	186.899	134.042	56.207
Total Current Assets		1380.260	670.342	434.481
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	118.842	51.273
	Other Current Liabilities	101.421	24.900	84.277
	Provisions	57.506	29.891	22.129
Total Current Liabilities		277.769	106.064	106.406
Net Current Assets		1102.491	564.278	328.075

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1482.302	896.462	630.516

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3069.833	2102.520	1496.819
		Other Income	119.578	39.334	12.419
		TOTAL (A)	3189.411	2141.854	1509.238

Less	EXPENSES
		Cost of Materials	2698.518	1799.233	1272.019
		Payments to and Provisions for Employees	29.552	19.326	13.301
		Manufacturing , Administrative and Selling Expenses	252.622	181.124	138.429
		Increase / Decrease in stock	(43.428)	0.310	(14.790)
		Short /Excess provision for taxation for earlier year	(0.125)	0.062	0.000
		Short / Excess provision for fringe benefit tax for earlier year	(0.020)	0.000	0.000
		TOTAL (B)	2937.119	2000.055	1408.959

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		252.292	141.799	100.279

Less	FINANCIAL EXPENSES (D)		27.029	22.318	14.934

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		225.263	119.481	83.345

Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.007	5.786	6.080

	PROFIT BEFORE TAX (E-F) (G)		216.256	113.695	79.265

Less	TAX (I)		68.259	38.241	27.148

	PROFIT AFTER TAX (G-I) (J)		147.997	75.454	52.117

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.448	15.039	7.319

Less	APPROPRIATIONS
		Transfer to General Reserve	130.000	80.000	40.000
		Proposed Dividend	11.374	4.312	3.758
		Corporate Dividend Tax	1.889	0.733	0.639
	BALANCE CARRIED TO THE B/S		10.182	5.448	15.039

	EARNINGS IN FOREIGN CURRENCY		NA	503.965	NA

	Earnings Per Share (Rs.)		260.24	262.45	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.64	3.52	3.45

Net Profit Margin (PBT/Sales)	(%)	7.04	5.41	5.25

Return on Total Assets (PBT/Total Assets}	(%)	12.47	11.43	10.88

Return on Investment (ROI) (PBT/Networth)		0.35	0.23	0.19

Debt Equity Ratio (Total Liability/Networth)		1.83	1.06	0.76

Current Ratio (Current Asset/Current Liability)		4.97	6.32	4.08

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE:

During the year, the Company achieved sales of Rs. 3069.834 Millions and earned profit after tax of Rs. 147.853 Millions. The directors are pleased to inform that company's products getting encouraging response from overseas market which is evident from substantial jump in export from Rs.523.534 Millions to Rs.9190.094 Millions.

FUTURE OUTLOOK:

Looking at the strong global and domestic demand of there products, the company is expected to grow at a very healthy pace in the current year. To capture the said demand, the Company has planned for expansion to increase production capacity as well as to widen product portfolio.

Bankers Charges Report as per Registry

Name of the company

SUNOCO INDUSTRIES PRIVATE LIMITED.

Presented By

JOINTLY BY COMPANY AND CHARGEHOLDER

1) Date and description of instrument creating the change

No- Document – Memorandum of Deposits of Title Deeds dated 19.02.2005

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

Limit :

(Amount in Millions)

Cash Credit (Hypothecation)	10.000
Import Letter of Credit (DA/DP)	40.000

Total	50.000

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

EMG of T-10, Taloja Industrial Area, Taluka Panvel. Dist:Raigad, Maharashtra, India

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

Terms and conditions same as per the agreement and Bank Sanction Letter

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

Oriental Bank of Commerce, Fort Branch, Jash Chambers, Ground Floor, Sir P. M. Road, Fort, Mumbai-400 001, 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

Corporate identity number of the company	U23200MH1992PLC068905
Name of the company	GANDHAR OIL REFINERY (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	29/3, Sewree Premises Co. Operative Society, Sewree (East), Mumbai- 400 015, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	10161021
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India E-mail: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplemental Letter of Hypothecation
Date of instrument Creating the charge	29.11.2010
Amount secured by the charge	Rs.315.000 Millions
Brief particulars 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 On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts, Plant and Machinery and Vehicles etc, to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.315.000 millions 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 All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights The movable plant and machinery and vehicles, which may now or at any time hereafter belong to the Borrower or come to the
Date of last modification prior to the present modification	28.07.2008
Particulars of the present modification	The Charge shall now stand increased from to Rs.150.000 millions to Rs.315.000 millions, against the security of Stocks, Book Debts, Plant and Machinery and Vehicles of the Company.

Fixed Assets:

· Tangible Assets

o Lease hold Land

o Free hold Land

o Factory Building

o Building

o Plant and Machinery

o Electrical Installation

o Office and Laboratory Equipments

o Air Conditioner

o Computer

· Intangible Assets

Software

Website Details:

Profile:

Subject found in 1993 by Mr. Ramesh B Parekh there Chairman and Managing Director, providing a comprehensive service offering Industrial/Automotive Lubricants, Mineral Oils, Transformer Oils, Petroleum Jelly and variety of specialty lubricants in local and international market (covering USA, Europe, Australia, Asia and Africa).

Gandhar Oil, with its wide range of products, customer oriented strategies, follows current international trends in the area of specialty lubricants and oils. The company is ISO 9001:2000 certified and FDA approved for manufacturing pharmaceutical grade mineral oils and petrolatums. The company serves wide range of industries including Pharmaceutical, Cosmetics, Steel, Tyre, Rubber, Textile, Electric and Power generation industries. Gandhar Oil has 2 plants in India (located in Taloja and Silvassa). Both the plants are equipped with in control laboratory and state of art manufacturing facilities.

Quality has always been a top priority at Gandhar Oil matched with strict adherence to delivery schedules. The Company is moving towards newer and wider horizon in the highly competitive Petroleum Industry with evident growth every year.

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.45.70
UK Pound	1	Rs.72.78
Euro	1	Rs.61.65

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	NO
--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.

MIRA INFORM REPORT

376.099

125.054

501.457

307.795

265.017

81.822

50.788

21.629

186.899

134.042

1380.260

670.342

118.842

101.421

24.900

57.506

29.891

277.769

106.064

1102.491

564.278

4.64

3.52

7.04

5.41

12.47

11.43

0.35

0.23

1.83

1.06

4.97

6.32

Unit