MIRA INFORM REPORT

Report Date :

07.05.2011

IDENTIFICATION DETAILS

Name :	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED
Registered Office :	507, Matru Chhaya Building, 378/380, Narsi Natha Street, Mumbai – 400 009, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.10.2000
Com. Reg. No.:	11-129290
CIN No.: [Company Identification No.]	U51434MH2000PTC129290
TAN No.: [Tax Deduction & Collection Account No.]	MUMS27686B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Chemicals
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 840000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Financial position of the company appears to be good. However trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – 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. Karan
Designation :	Accountant
Contact No.:	91-22-23449312

LOCATIONS

Registered Office/ Administrative Office :	507, Matru Chhaya Building, 378/380 Narsi Natha Street, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-23432291/ 23449312/23438522
Fax No.:	91-22-23415715
E-Mail :	sanjaychem@vsnl.com sanjay_bhagwan@yahoo.co.in sanjay@sanjaychemindia.com kamlesh@sanjaychemindia.com dilip@sanjaychemindia.com marketing@sanjaychemindia.com
Website :	http://www.sanjaychemindia.com
Area :	500 Sq. ft.
Location :	Owned
Branch Office :	Masetty Plaza, 2^nd Floor, 1-8-206, Prender Grust Road, Secunderabad- 500 003, Hyderabad, India
Tel. No.:	91-40-27893247/3248
Fax No.:	91-40-27894796
Location :	Owned
Branch Office :	No 5, 1^st Floor Saraswati Buliding, Plot No 591 Ward 12 C, Gandhidham (Kutch) – 370201
Tel. No.:	91-2836-220141
Fax No.:	91-2836-220141
E-Mail :	sanjay@sanjaychemindia.com
Location :	Rented
Warehouse Office :	Gayatri Compound, Bhivandi
Location :	Owned

DIRECTORS

As On 30.09.2009

Name :	Mr. Dilip V. Parmar
Designation :	Managing Director
Address :	Ooranwala Mansion, 1^st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400 012, Maharashtra, India
Date of Birth/Age :	14.03.1964
Qualification :	B.Com
Date of Appointment :	20.10.2000
DIN No. :	00867949
Name :	Mr. Vijayraj M. Parmar
Designation :	Director
Address :	Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400 012, Maharashtra, India
Date of Birth/Age :	13.03.1944
Qualification :	SSC
Date of Appointment :	20.10.2000
DIN No. :	02452291
Name :	Mr. Manoj V. Parmar
Designation :	Director
Address :	Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400 012, Maharashtra, India
E-Mail :	manoj@sanjaychemindia.com
Date of Birth/Age :	14.03.1968
Qualification :	BSC
Date of Appointment :	20.10.2000
DIN No. :	02452281
Name :	Mr. Sanjay V. Parmar
Designation :	Director
Address :	Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400 012, Maharashtra, India
E-Mail :	sanjay@sanjaychemindia.com
Date of Birth/Age :	08.01.1974
Qualification :	BA
Date of Appointment :	20.10.2000
DIN No. :	00478460

KEY EXECUTIVES

Name :	K. S. and Associates
Designation :	Company Secretary
Name :	Mr. Karah
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders (Equity Shares)	No. of Shares
Vijayraj Parmar	208395
Dilip Parmar	235025
Sanjay Parmar	202224
Manoj Parmar	180724
Advance Technologies Limited (Formerly VMC Software Limited) – India	150000
Soni Infosys Limited – India	15000
Chaturdhan V Maiya HUF	10
Hemendra Turakhia, Narendra Shah and Prakash Kothari	30
Dinesh Palrecha ,Pravin Palrecha and Bhanwarlal Hastimal Surana	30
Hemdan Ashiya, Kishore Ashiya and Ranjitsingh Ashiya	30
Jugraj Tailor and Leela Mangilal Parmar	11
Parashmalji Jain, Kansingh Umardan Charan and Sohanlal Dhanaram Prajapati	30
Satish Sanghrajka, Vagaram Keshaji Prajapati and Kishanlal Ramnarayan Joshi	30
Futermal Parmar, Sampatraj Parmar and Sunil Gosain	30
Nagraj Pukhraj Ranawat and Arvind Jain	10
Asha Parmar, Vicky Narendra Joshi and Uma Maheshwar Rao	10
Dharamchandji Ghisulalji Jain and Shantilal R. Khimavat	10
Induben Ishwarlal Tank, Uday Arun Mehta and Meena Amit Gemavat	10
Nagraj Pukhraj Ranawat, Rakesh Nagraj Ranawat and A. Shreedhar	10
Shashikant Laxmidas Sayer, Rekha Shashikant Sayer and Radhika Shashikant Sayer	10
Hemraj P Jain Karta Hemraj P Jain HUF	10
Nitin Sanghrajka Karta Nitin Sanghrajka HUF	10
Hemraj Pukhrajji Jain, Sharda Ashok Jain and Ishwarlal Shamji Tank	10
Vicky Narendra Joshi, Ramesh Jivraj Lumya and Nagraj Pukhraj Ranawat	10
Bhanumati Prabhudas Sanghrajka	1
Sarita Rajesh Jain, Vimalben Hemraj Jain and Seema Bagat Jain	10
Saroj Kiran Mehta and Kiran Mohanlalji Mehta	10
Nikhil Mehta, Varun Parmar and Yash Parmar (through father and NG Sanjay Parmar)	10
Yester Investments Private Limited – India	480000
Total	1471700

Names of Shareholders (Preference Shares)	No. of Shares
Infotrek Syscom Limited – India	3000
Uma Maheshwar Rao	1500
C. Satyanarayana Karta of C. Satyanarayana HUF	10000
Ranjitsingh Ashiya HUF	1650
Ranjitsingh Ashiya	157
Avas Capital Market Limited – India	10000
Chottunsinh Rathod	700
Dilip Sonigara	400
Total	27407

As on 30.09.2009

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	43.83
Directors or relatives of directors	56.17
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Chemicals
Agencies Held :	ICC Chemical Corporation Kolmar Group AG OCI Corporation oriental chemical Ineos chlor limited
Products :	Bulk Drugs Chemicals Drug Intermediates Organic Chemicals
Imports :
Products :	Toluene Phenol Caustic Potash Phenol
Countries :	UK Korea Switzerland
Terms :
Selling :	Cash (90 days)
Purchasing :	Cash (60 days, 90 days)

GENERAL INFORMATION

Customers :

• Retailers
• End Users

No. of Employees :

35 (Office- 26, In Branch 9) Approximately

Bankers :

· Development Credit Bank Limited

• 301, Trade Plaza, 414, Veer Savarkar Marg, Prabhadevi, Credit Admin Departments, Dongri Branch, Mumbai – 400 025, Maharashtra, India
• Mohamad Ali Road Branch, Mumbai – 400 001, Maharashtra, India

154 S. V. Road East, Dongri, Mumbai – 400 009, Maharashtra, India

• ICICI Bank Limited, CIBD Mumbai Branch Church Gate

Facilities :

Secured Loans :	As on 31.03.2009 Rs. in Millions
Working Capital – From Bank (Secured by hypothecation of all moveable assets, both present and future, book debts and stock of the Company. Further collaterally secured by equitable mortgage of the properties for Directors at Mumbai and Secunderabad. The loan is also personally guaranteed by all the directors of the Company)	3.487
Bank Overdraft Account (Secured by pledging of fixed deposits of the company)	42.500
Vehicle Loan (Secured by hypothecation of specific assets, charge yet to be registered)	0.584
Total	46.571

Unsecured Loans :	As on 31.03.2009 Rs. in Millions
From Directors	4.556
- Shareholders	35.457
- Corporate	24.200
Total	64.213

Banking Relations :	-
Auditors :
Name :	MGB and Company Chartered Accountants
Address :	Jolly Bhavan 2, 1^st Floor, 7, New Marine Lines, Churchgate, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-66332330
Fax. No.:	91-22-66351545
Pan No. :	AAFM5742R
E-mail.:	www.mgbco.com
Holding Company :	Yester Investments Private Limited

CAPITAL STRUCTURE

As on 31.11.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2050000	Equity Shares	Rs.10/- each	Rs.20.500 millions
95000	11% Redeemable Non Cumulative Preference Shares	Rs.100/- each	Rs.9.500 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2429700	Equity Shares	Rs.10/- each	Rs.24.297 millions
27407	11% Redeemable Non Cumulative Preference Shares	Rs.100/- each	Rs.2.741 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		17.458	17.058
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		194.289	173.245
4] (Accumulated Losses)		0.000	0.000
NETWORTH		211.747	190.303
LOAN FUNDS
1] Secured Loans		46.571	2.070
2] Unsecured Loans		64.213	14.057
TOTAL BORROWING		110.784	16.127
DEFERRED TAX LIABILITIES		0.048	0.342
TOTAL		322.579	206.772
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.480	4.279
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	226.737	163.876
	Sundry Debtors	667.486	593.392
	Cash & Bank Balances	138.235	31.557
	Other Current Assets	0.000	0.000
	Loans & Advances	28.718	24.883
	Advance From Suppliers	0.000	0.000
	Deposits	0.000	0.000
Total Current Assets		1061.176	813.708
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	487.306	420.863
	Other Current Liabilities	240.680	182.355
	Provisions	15.091	7.997
Total Current Liabilities		743.077	611.215
Net Current Assets		318.099	202.493
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		322.579	206.772

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3847.739	2713.357	2091.655
		Other Income	30.350	9.165	4.136
		TOTAL (A)		2722.522	2095.791
Less	EXPENSES
		Cost of Goods	3561.881	2602.614	2020.346
		Personal Cost	5.166	4.872	4.401
		Rent	1.370	0.000	0.000
		Rent and Taxes	12.235	0.000	0.000
		Commission Charges	9.316	0.000	0.000
		Custom Duty Charges	42.495	0.000	0.000
		Administrative and Other Expenses	0.738	73.262	43.563
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	41.774	27.481
Less	FINANCIAL EXPENSES (D)		17.029	23.378	16.109
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	18.396	11.372
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.541	0.513
	PROFIT BEFORE TAX (E-F) (G)		NA	17.855	10.859
Less	TAX (I)		NA	6.410	3.859
	PROFIT AFTER TAX (G-I) (J)		NA	11.445	6.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	16.088	9.538
Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	NA	--	0.250
	BALANCE CARRIED TO THE B/S		NA	27.533	16.088
	Earnings Per Share (Rs.)		NA	7.81	6.66

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	0.42	0.32
Net Profit Margin (PBT/Sales)	(%)	NA	0.66	0.52
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.68	1.32
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.06
Debt Equity Ratio (Total Liability/Networth)		2.96	0.03	3.30
Current Ratio (Current Asset/Current Liability)		1.38	1.43	1.33

LOCAL AGENCY FURTHER INFORMATION

Balance Sheet As At 31^st December 2010

Liabilities	Amount	Assets	Amount
Share Capital		Fixed Assets
Equity Share Capital	24.297	Gross Block	8.151
Redeemable Preference Share	2.740	Depreciation	(2.890)
Reserve and Surplus		Current Assets and Loans and Advances
Reserve and Surplus	470.614	Stock-in-hand	368.167
		Sundry Debtors	1517.772
Secured Loan		Advance From Suppliers	3.003
ICICI Bank Limited (Car Loan)	0.146	Loans and Advances	59.186
Development Credit Bank Limited	9.906	Deposits	0.193
ICICI Bank Limited (CC)	9.033
Unsecured Loan	53.680
		Cash and Bank Balance
Current Liabilities and Provision		Cash in Hand	3.382
Sundry Creditors	1456.496	Bank Balance	8.272
Advance From Customers	1.329	L.C. Margin	50.089
Defered Tax Liabilities	0.445	Recording Deposit	28.666
Provision For Taxation	15.304
Total	2043.990	Total	2043.990

Note: This Figure are provided as less or more 5% as per finalisation time.

PERFORMANCE

The Company’s Turnover during the year has increased to Rs. 2713.357 millions as compared to previous years Rs. 2091.655 millions. The Net Profit after tax during the year has also increased to Rs. 11.445 millions as compared to previous years Rs. 6.800 millions

Contingent liabilities not provided for:

i. Bills discounted with banks of Rs. Nil (Rs.18.472 millions)

ii. Unexpired Letters’ of Credit Rs. 74.798 millions (Rs.4.076 millions)

Bankers Charges Report as per Registry

Name of the company	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED
Presented By	Development Credit Bank Limited, Credit Administration Dept. Bandra (west), Mumbai – 400050.
1) Date and description of instrument creating the change	Deed of Hypothecation Dated 30.03.2005
2) Amount secured by the charge/amount owing on the securities of charge	Nature Facility Amount Cash Credit (Adhoc) Rs.2.500 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	The Whole of the movable properties of the borrower its movable plant and Machinery, Machinery spares, tools and accessories furniture and fixture, stocks in trade finished goods, goods in progress, raw materials, book debts and receivable actionable claims amounts due and receivable under any contract or Otherwise and all other current assets and movable both present and future whether installed or not and whether now lying loose of in cases or which are now lying or stored in or about all the borrower factories, premises and godowns or wherever else the same may be or be held by any party to the order of disposition of the borrower in the course of transit or on high seas or on order, or delivery, howsoever and where so ever in the possession of the borrower and either by way of substitution or addition and secured by way of hypothecation of stock and book debts and charge on all current assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Margin: 40% Interests/ Commission: 3% over PLR Min 16.00% p.a. Repayment: On Demand by 30.4.2004
5) Name and Address and description of the person entitled to the charge.	Development Credit Bank Limited, Credit Administration Dept. Hill View Apartment, No.2, Ground Floor, Opposite Mehboob Studio Hill Road, Bandra (west), Mumbai – 400050, 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	U51434MH2000PTC129290
Name of the company	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	507, Matru Chhaya, 378/380 Narsi Natha Street, Mumbai – 400 009, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Development Credit Bank Limited, 301, Delta Plaza, 414 Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Joint Deed of Hypothecation Dated 07.04.2010. Working Capital Consortium Agreement Dated 07.04.2010. (Both Agreements constituting a single Charge) Facilities sanctioned by: DCB - Rs.321.000 millions ICI Bank - Rs.160.000 millions Total --------------------------------------- Rs.481.000 millions
Date of instrument Creating the charge	07.04.2010
Amount secured by the charge	Rs.481.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The Charge is operative and created for Rs.481.000 millions. By consent of all the Parties, viz., Development Credit Bank Limited and ICICI Bank Limited, Development Credit Bank Limited. is designated and recognized as the Lead Bank under Consortium called as "Development Credit Bank Limited. Consortium"
Short particulars of the property charged	The whole of the current assets of the borrower namely Stock of Raw materials, Stocks in Process, Semi-finished finished goods, stores and spares, bills receivables book debts etc

TRADE REFERENCES:

v Petro Chem Middle East India Private Limited

Fixed assets

v Land and Building

v Office premises

v Office equipments

v Air conditioners

v Furniture and fixtures

v Vehicles

v Computers

Website Details

Profile

Founded in 1977 Subject has grown to a broad-based supplier of chemicals, pharmaceuticals and minerals to virtually every industry that requires them.

The activities include agency arrangements, trading operations and joint ventures. They even serve as purchasing agents of specialty products for certain major corporations, where they have proven to be more cost effective than their own in-house operations.

Subject is a trade enterprise specialized in the import and export of materials of fine chemicals. The company deals with 100,000 Mts of chemicals annually, including 100,000 Mts of bulk chemicals, having the annual sale income up to 70 Crore INR.

The company sticks to the management tenet of "Excellent Services, Quality Paramount", actively expands domestic and foreign market and enjoys high reputation with strong force in chemical trading field. Since its foundation, the company has imported a large number of excellent chemicals from all over the world and established long-term and friendly cooperation relationship with its suppliers.

During the long-term cooperation with foreign traders, they develop the reputation depending on the strong strength, paying great attention to credit and business moral, and taking full advantage of the market preponderance, and continuously marching new field. They enjoy high praise and trust in the business and are the best partner of foreign suppliers in India. Meanwhile, sticking to credit and sincerity, they actively contact domestic enterprise to cooperate with them to guarantee the long-term and stable supply of chemical material, at the same time, they provide them with the service of sale and export for their products.

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.73.43
Euro	1	Rs.65.27

CORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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	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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.