MIRA INFORM REPORT

Report Date :

29.03.2011

IDENTIFICATION DETAILS

Name :	DYNEMIC PRODUCTS LIMITED
Registered Office :	B-301, Satyamev Complex-1, Gandhi Nagar, Sarkhej Highway Road, Opp. New Gujarat High Court, Sola, Ahmadabad – 380 063, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.06.1990
Com. Reg. No.:	04-013886
CIN No.: [Company Identification No.]	L99999GJ1990PLC013886
TAN No.: [Tax Deduction & Collection Account No.]	AHMD00161A
PAN No.: [Permanent Account No.]	AAACD4067D
Legal Form :	Public limited liability company, Company’s shares are listed on the Stock Exchange.
Line of Business :	Manufacturer and Exporter of Food Colours.

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 1200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for good 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. George Thomas
Designation :	Accounts
Date :	28.03.2011

LOCATIONS

Registered Office :	B-301, Satyamev Complex-1, Gandhi Nagar, Sarkhej Highway Road, Opp. New Gujarat High Court, Sola, Ahmadabad – 380 063, Gujarat, India
Tel. No.:	91-79-27773071/ 72 / 73 / 27663071 / 27662176
Fax No.:	91-79-27662176 / 27432176
E-Mail :	info@dynemic.com
Website :	www.dynemic.com, www.foodcolor.net
Area :	3500 yards
Location :	Owned
Factory 1 :	6401 GIDC Estate, Ankleshwar, Dist. Bharuch
Tel. No.:	91-2646-250517 / 224671
Fax No.:	91-2646-252767
Factory 2 :	3709/6, Near Telephone Exchange, GIDC Estate, Ankleshwar, Dist. Bharuch
Tel. No.:	91-2646-252674
Fax No.:	91-2646-227160

DIRECTORS

As On : 13.08.2010

Name :	Mr. Bhagwandas Kalidas Patel
Designation :	Chairman and Managing Director
Address :	13, Vinayak Bunglows, Nr. Sola Railway Crossing, Ghatlodia, Ahmadabad – 380061, Gujarat, India
Date of Birth/Age :	01.06.1955
Date of Appointment :	14.06.1990
DIN No :	00045845
Name :	Mr. Dashrathbhai Prahladdas Patel
Designation :	Whole Time Director
Address :	A-I, Panchvilla Bunglows, Near Bhuyangdev Cross Roads, Memnagar, Ahmadabad – 380052, Gujarat, India
Date of Birth/Age :	01.06.1952
Date of Appointment :	14.06.1990
DIN No :	00008160
Name :	Mr. Rameshbhai Bhagwanbhai Patel
Designation :	Whole Time Director
Address :	Plot No. 406124, Sardar Patel Society, New Colony, GIDC, Ankleshwar – 393002, India
Date of Birth/Age :	25.04.1964
Date of Appointment :	14.06.1990
DIN No :	00037568
Name :	Mr. Shashikantbhai Purshottamdas Patel
Designation :	Whole Time Director
Address :	G-104, Kohinoor Cooperative Housing Society Limited, "Shivam", Near Gattu School, New Colony, GIDC, Ankleshwar
Date of Birth/Age :	02.07.1964
Date of Appointment :	08.11.2000
DIN No :	00045957
Name :	Mr. Dixit Bhagwandas Patel
Designation :	Whole Time Director
Address :	13, Vinayak Bunglows, Near Sola Railway Crossing, Ghatlodia, Ahmadabad – 380061, Gujarat, India
Date of Birth/Age :	08.02.1981
Date of Appointment :	01.01.2003
DIN No :	00045883
Name :	Mr. Hitendra Hargovinddas Sheth
Designation :	Director
Address :	5, Chandralok Society, Subhash Chawk, Memnagar, Ahmadabad – 380052, Gujarat, India
Date of Birth/Age :	18.06.1954
Date of Appointment :	07.06.2004
DIN No :	00037705
Name :	Mr. Jagdish Sevantilal Shah
Designation :	Director
Address :	5, Pujan Appt., 2"d Floor, Opp : Plot No. 68, Swastik Society, Navrangpura, Ahmadabad – 380009, Gujarat, India
Date of Birth/Age :	01.06.1956
Date of Appointment :	07.06.2004
DIN No :	00037826
Name :	Mr. Harishbhai Keshavlal Shah
Designation :	Director
Address :	27, Asha Cooperative Housing Society, Opposite Laxminarayan temple, Isanpur, Ahmadabad – 380008, Gujarat, India
Date of Birth/Age :	12.09.1955
Date of Appointment :	02.07.2005
DIN No :	00037932
Name :	Mr. Vishnubhai Gangarambhai Patel
Designation :	Director
Address :	35, Nirant Park H. 0. A,, Opposite Sun and Step Club, Thaltej, Ahmadabad – 380052, Gujarat, India
Date of Birth/Age :	01.06.1954
Date of Appointment :	08.09.2005
DIN No :	00270413
Name :	Mr. Shankarlal Baluram Mundra
Designation :	Director
Address :	8-3, Simir Apartment, Shantinagar, Usmanpura, Ahmadabad - 38001 3, Gujarat, India
Date of Birth/Age :	01.11.1960
Date of Appointment :	29.09.2005
DIN No :	00388204

KEY EXECUTIVES

Name :	Ms. Varsha Mehta
Designation :	Secretary
Address :	5, Kshitij Row House, Part - 11, Near Green Park Bunglows, Ambali Village, Bopal, Ahmadabad – 380058, Gujarat, India
Date of Birth/Age :	16.09.1976
Date of Appointment :	02.03.2010
PAN No :	ARXPM9702B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5026612	44.37
Bodies Corporate	119500	1.05
Sub Total	5146112	45.43
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5146112	45.43
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	245	--
Sub Total
(2) Non-Institutions
Bodies Corporate	622715	5.50
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3772739	33.30
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1734887	15.31
Any Others (Specify)	51751	0.46
Clearing Members	5771	0.05
Directors & their Relatives & Friends	1500	0.01
Non Resident Indians	43145	0.38
Trusts	1335	0.01
Sub Total	6182092	54.57
Total Public shareholding (B)	618337	54.57
Total (A)+(B)	11328449	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Food Colours.

Products :

Product Description	Item Code No. (ITC Code)
S.P.C.P. (Dye-Intermeidate)	293390
Sulphanilic Acid (Dye-Intermeidate)	292100
Tartrazine (Food Color)	320490

Exports :

Products :

Food Colours

Countries :

World wide

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Dyes Intermediates	MT/ KG	NA	2880	4016230.730
Food Colours	MT/KG	NA	2820	2307524.900

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

· OEM’s

No. of Employees :

267 (In Office-17 and In Factory-250) (Approximately)

Bankers :

· Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmadabad-380006, Gujarat, India

· HDFC Bank Limited

· Citi Bank

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
[a] C. C Hypothecation A/c :
Citi Bank N. A.	6.542	29.766
HDFC Bank Limited	0.000	20.548
Axis Bank Limited	19.550	0.000
(Hypothecation CC. A/c. Secured against pari passu mortgage / change on all immovable properties and stock of Raw Materials, Stores, finished Goods etc and personal guarantee of Directors.)
[b] P.C.F.C. A/c
Citi Bank N. A.	76.267	52.675
HDFC Bank Limited	0.000	2.169
(P.C.F.C A/c Secured against mortgage/ change on all immovable properties and Book Debts. relating to manufacturing of Industrial Dyes and Chemicals and personal guarantee of Directors.)
[c] W.C.CD.I A/c. (Security as above)
Citi Bank N. A.	20.000	0.000
[d] Term Loan A/c (Security as above)	0.000	0.000
Citi Bank N. A.	23.250	40.250
Axis Bank Limited	16.180	0.000
Total	161.789	145.408
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Fixed Deposits from Directors	1.310	1.200
Fixed Deposits from Share holders	8.363	4.593
Fixed Deposits from Publics	1.967	0.545
Total	11.640	6.338

Banking Relations :	--
Auditors :
Name :	Rajesh D Shah Chartered Accountant
Address :	4, 3^rd Floor, Rambha Complex, Opposite Gujarat Vidyapith, Ashram Road, Ahmadabad-380014, Gujarat, India
Subsidiaries :	· Dynamic Overseas (India) Private Limited CIN No : U51909GJ1999PTC037037 · Dynemic USA Inc.-Closed
Associates :	· Shakti Intermediates Private Limited · Dynamic Holdings Private Limited

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs. 10/- each	Rs. 130.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11328449	Equity Shares	Rs. 10/- each	Rs. 113.284 millions

Notes :

(of the above 4125820 [p. y.672880] Equity Shares were allotted as fully paid up Bonus Shares to the existing shareholders without payment being received in cash)

(out of the above 1400000 Equity Shares were allotted as fully paid up to the partners of erstwhile partnership firm M/s. Saffron Dye Stuff Industries without payment being received in cash, pursuant to the business acquired as per agreement entered.)

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		113.284	113.284	113.284
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		193.937	163.211	157.508
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		307.221	276.495	270.792
LOAN FUNDS
1] Secured Loans		161.789	145.408	86.059
2] Unsecured Loans		11.640	6.338	1.835
TOTAL BORROWING		173.429	151.746	87.894
DEFERRED TAX LIABILITIES		27.285	20.019	13.573
TOTAL		507.935	448.260	372.259
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		295.060	261.100	135.846
Capital work-in-progress		0.000	46.170	80.850
INVESTMENT		23.863	25.326	26.435
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	69.721	59.417	64.751
	Sundry Debtors	128.423	73.225	61.143
	Cash & Bank Balances	6.559	4.302	3.850
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	61.354	40.129	56.784
Total Current Assets		266.057	177.073	186.528
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.328	39.953	20.976
	Other Current Liabilities	1.455	1.412	0.989
	Provisions	37.262	20.044	35.494
Total Current Liabilities		77.045	61.409	57.459
Net Current Assets		189.012	115.664	129.069
MISCELLANEOUS EXPENSES		0.000	0.000	0.059
TOTAL		507.935	448.260	372.259

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	628.962	491.121	380.430
		Other Income	12.072	5.607	0.076
		TOTAL (A)	641.034	496.728	380.506
Less	EXPENSES
		Cost of Materials, Manufacturing and Operating Cost	484.746	389.098	291.856
		Purchase of Finished and Trading Materials	1.984	9.501	16.976
		Employees Remuneration	19.876	19.324	18.181
		Increase/(Decrease) in Finished Goods	(3.409)	0.103	(13.278)
		Repairs and Maintenance	11.080	7.964	7.384
		Administrative Expenses	19.414	14.684	17.294
		Preliminary Expenses Written Off	0.000	0.059	0.145
		TOTAL (B)	533.691	440.733	338.558
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		107.343	55.995	41.948
Less	FINANCIAL EXPENSES (D)		17.704	14.612	5.037
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.639	41.383	36.911
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.472	9.612	5.082
	PROFIT BEFORE TAX (E-F) (G)		75.167	31.771	31.829
Less	TAX (H)		26.666	12.766	12.675
	PROFIT AFTER TAX (G-H) (I)		48.501	19.005	19.154
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.773	47.301	42.522
Add/ Less	TAXATION OF EARILER YEARS		0.545	(0.048)	0.372
Less	Profit transferred to minority interest		0.000	0.000	0.263
Less	APPROPRIATIONS
		Transfer to General Reserve	2.460	1.231	1.231
		Dividend	14.727	11.329	11.328
		Tax on Dividend	2.503	1.925	1.925
	BALANCE CARRIED TO THE B/S		80.039	51.773	47.301
	EXPORT VALUE		413.660	325.865	NA
	IMPORTS
		Raw Materials	64.532	46.885	NA
	TOTAL IMPORTS		64.532	46.885	NA
	Earnings Per Share (Rs.)		4.28	1.68	1.69

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	160.250	140.710	164.240
Total Expenditure	128.100	114.340	139.910
PBIDT (Excl OI)	32.150	26.370	24.330
Other Income	1.920	2.810	4.330
Operating Profit	34.070	29.180	28.660
Interest	3.020	3.140	2.830
Exceptional Items	0.000	0.000	0.000
PBDT	31.050	26.040	25.830
Depreciation	3.680	3.680	3.710
Profit Before Tax	27.370	22.360	22.120
Tax	8.220	4.910	5.920
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	19.150	17.440	16.200
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	19.150	17.440	16.200

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.57	3.83	5.03
Net Profit Margin (PBT/Sales)	(%)	11.95	6.47	8.37
Return on Total Assets (PBT/Total Assets}	(%)	13.40	7.25	9.87
Return on Investment (ROI) (PBT/Networth)		0.24	0.11	0.12
Debt Equity Ratio (Total Liability/Networth)		1.52	1.26	1.06
Current Ratio (Current Asset/Current Liability)		3.45	2.88	3.25

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	38.328	39.953	20.976

FINANCIAL REVIEW

The net sales turnover of the company increased to Rs. 628.962 millions in FY 2010 as against Rs. 491.122 millions in PY 2009, showing an increase of 28.07%. Export sales increased by 22.58% i.e. from Rs. 383.242 millions to Rs.469.762 millions in the year. Profit before tax is Rs.75.167 millions and Net Profit after tax is Rs. 48.501 millions.

FORM 8

Corporate identity number of the company	L99999GJ1990PLC013886
Name of the company	DYNEMIC PRODUCTS LIMITED
Address of the registered office or of the principal place of business in India of the company	B-301, Satyamev Complex-1, Gandhi Nagar, Sarkhej Highway Road, Opp. New Gujarat High Court, Sola, Ahmadabad – 380 063, Gujarat, India
This form is for	Modification of charge Creation of charge
Type of charge	Immovable property
Particular of charge holder	Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmadabad-380006, Gujarat, India
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	04.03.2010
Amount secured by the charge	Rs.70.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction letter no. WZ/SME/AB/2009-10/1284 dated 08.12.2009 and WZ/SME/PCD/2009-10/1593 dated 10.02.2010 Terms of repayment As per sanction letter no. WZ/SME/AB/2009-10/1284 dated 08.12.2009 and WZ/SME/PCD/2009-10/1593 dated 10.02.2010 Margin As per sanction letter no. WZ/SME/AB/2009-10/1284 dated 08.12.2009 and WZ/SME/PCD/2009-10/1593 dated 10.02.2010 Extent and operation of the charge Equitable mortgage created by deposit of title deeds in respect of immovable properties more particularly described in Column No. 15 herein under as security for due payment discharge and redemption of credit facilities of Rs. 70.000 millions, together with interest, charge costs and expenses payable by the Company to the Bank.
Short particulars of the property charged (Including location of the property)	1. Property including land and building and other fixed assets permanently affixed to the earth located at Plot No. 6401, 6415 and 6416 located at GIDC Ankleshwar bearing survery no. 82/P and 83/P. 2. Property including land and building and other fixed assets located at 301, 308, 309 and 310, 3rd floor of Block B, Satyamev Complex, S.G. Highway, Ahmadabad. 3. Property including land and building and other fixed assets permanently affixed to the earth located at Plot No. 3709/6, (Unit II), Survey No. 364/P, 365/P and 370/P, Mouje Village, GIDC Ankleshwar. 4. Property including land & building located at Plot No. 3710/1 (Unit II) and Plot No. 3710/3 (Unit II) Survey No. 364/P, Mouje Village - GIDC Ankleshwar.

FIXED ASSETS

· Building

· Computer

· Electric Fitting and Install.

· Furniture

· Lab Equipments

· Machineries

· Office Equipments

· Office Premises

· Pollu. Eff Treatment

· Residence Premises

· Motor Cycle

· Motor Car

· Electric Motor and Pumps

· Fire fighting Equipments

· Gas Inst. And Fab

· Generating Set

· Lease Hold Land

· Pipes and Valve Fittings

· Storage Tank

· Dies

TRADE REFERENCE

· Vidhi Dye Stuff.

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.44.78
UK Pound	1	Rs.71.64
Euro	1	Rs.62.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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.