MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Name :	BENZO CHEM INDUSTRIES PRIVATE LIMITED
Registered Office :	Madhukunj, off. Sayani Road, Shankar Ghanekar Marg, Prabhadevi, Mumbai-400425, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.12.1986
Com. Reg. No.:	11 - 41751
Capital Investment / Paid-up Capital :	Rs.35.000 Millions
CIN No.: [Company Identification No.]	U24100MH1986PTC041751
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11878G
PAN No.: [Permanent Account No.]	AAACB3369G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Pharmaceutical Intermediates
No. of Employees :	130 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1500000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable businessmen. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal 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.

INFORMATION PARTED BY

Name :	Mr. Pahade
Designation :	Accounts Manager
Date :	25.05.2011

LOCATIONS

Registered Office :	Madhukunj, off. Sayani Road, Shankar Ghanekar Marg, Prabhadevi, Mumbai-400425, Maharashtra, India
Tel. No.:	91-22-24320921 / 22 / 23 / 43555888
Fax No.:	91-22-24320924
E-Mail :	msaboo898@yahoo.co.in gcpl@bom3.vsnl.net.in vlaxman@vsnl.com
Website :	http://www.bcipl.com
Area :	3500 sq.ft
Location:	Owned
Factory 1 :	E-13 / 14, MIDC Area, Jalgaon- 425003, Maharashtra, India
Tel. No.:	91-257-2210241
Fax No.:	91-257-2210441
Area :	8100 Sq. ft (Owned)
Factory 2 :	B-26/27, MIDC Area, Dasarkhed, Malkapur - 443101, Buldhana, Maharashtra
Tel. No.:	91-7267-252365
Fax No.:	91-7267-252341
Area :	24000 Sq. ft (Owned)
Factory 3 :	Gitanjali Chemicals Private Limited F-35, MIDC Area, Jalgaon-425003, Maharashtra, India.
Tel. No.:	91-257-2210041/2272841
Factory 4 :	Benzo Chem Industries Private Limited W-24, MIDC, Chemical Zone, Ambernath [w] - 421501, India.
Tel. No.:	91-251-2604616 / 2607228
Factory 5 :	Benzo Chem Industries Private Limited B-24/25, MIDC, Dasharkhed, District BUdhana, Malkapur – 443101, India.

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Surendra Kumar Mohatta
Designation :	Director
Address :	31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	01.09.1955
Qualification :	Graduate
Date of Appointment :	01.12.1986
DIN :	00388893
Name :	Mr. Gaurav Mohata
Designation :	Director
Address :	31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	03.07.1981
Qualification :	Graduate
Date of Appointment :	01.11.2004
DIN :	00604061
Name :	Mrs. Vimladevi Mohatta
Designation :	Director
Address :	31, Lotus Court, J. Tata Road, Churchgate, Mumbai – 400020, Maharashtra
Qualification :	B. Com
Date of Appointment :	10.11.1987
DIN :	01637277

KEY EXECUTIVES

Name :	Mr. Pahade
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Ravi Kumar Mohatta (HUF)	298500
Surendra Kumar Mohatta	298500
Madhu Mohatta and S. K. Mohatta	196500
Vimladevi Mohatta	298500
Surendra Kumar Mohatta (HUF)	270000
Satyawati Devi Mohatta	18000
Gaurav Rubber Works Private Limited, India	292500
Gaurav Mohatta	285000
Gitanjali Chemicals Private Limited, Jalgaon	60000
Surender Kumar Mohatta ( Partner Raj Rajeshwari Builders)	270000
Ravi Kumar Mohatta	298500
Madhu Mohatta	298500
Surender Kumar Mohatta (Partner Ajanta Traders)	115500
Total	3000000

Names of Shareholders (Preferences Shares)	No. of Shares
Gitanjali Chemicals Private Limited, Jalgaon	250000
Mr. Surendra Kumar Mohatta and Ravi Kumar Mohatta	250000
Total	500000

AS ON 01.02.2011

Names of Allotteers (Equity Shares)	No. of Shares Allotted
Gaurav Mohatta (HUF)	298500
Surendra Kumar Mohatta	216500
Vimladevi Mohatta	248500
Surendra Kumar Mohatta (HUF)	270000
Gitanjali Chemicals Private Limited, Jalgaon	256500
Gaurav Mohatta	285000
Gaurav Chemicals Private Limited, India	292500
Raj Rajeshwari Builders, India	270000
Ajanta Traders, India	364000
Madhu Mohatta	100000
Ishita Mohatta	398500
Total	3000000

AS ON 01.02.2011

Names of Allotteers (Preference Shares)	No. of Shares Allotted
Gitanjali Chemicals Private Limited, Jalgaon	250000
Raj Rajeshwari Builders, India	250000
Total	500000

AS ON 30.09.2010

Category	Percentage
Bodies corporate	11.75
Directors or relatives of directors	88.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Intermediates

Products :

Product Description	Item Code (ITC Code)
Organic Chemicals	2908
Organic Chemicals	2926

Ø BULK DRUGS / API’S

Ø Phenol Derivatives

Ø Benzaldhyde Derivatives Aldehyde Derivatives

Ø Benzyl Alcohol Derivatives

Ø Speciality Products

Ø Biocides

Ø Benzyl Chloride Derivatives

Ø Benzyl Cyanide Derivatives

Ø Phenyl Acetic Acid Derivatives

Imports :

Products :

• Chemicals

Countries :

• China
• Germany

Terms :

Selling :

Cash, Credit (30 / 60 / 90 Days)

Purchasing :

L/C / Cash, Credit (30 / 60 / 90 Days)

PRODUCTION STATUS As on 31.03.2010

Particulars	Actual Production
Various Organic and In-Organic Products 3400.827

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

130 [Approximately]

Bankers :

Canara Bank, Shishu Mandir Building, 12, G.S. Lane, Parel, Mumbai-400012, Maharashtra, India.

Facilities :

Secured Loan (Rs. In Millions)	31.03.2010	31.03.2009
Term Loan from Canara Bank	125.961	59.577
Working capital Facility	31.262	18.794
Total	157.223	78.371
Unsecured Loan (Rs. In Millions)	31.03.2010	31.03.2009
Interest free sales tax deferral loan	0.000	0.000
Under PSI scheme	12.058	12.884
From directors and shareholders	29.517	25.810
Deposit from companies and others (LT)	67.274	84.112
Loan against Car	0.619	1.711
Total	109.468	124.517

Note: The term loan as well as working capital facilities from canara bank are secured by hypothecation of stocks of raw material, stock in process, finished goods and book-debts and further secured by equitable mortgage of land and building, plant and machinery located at Jalgaon, Malkapur and Ambernath units of the company and guaranteed by directors of the company and corporate guarantee of Gaurav Chemicals (India) Private Limited.

Cash Credit - Rs.440.000 millions

Banking Relations :	--
Auditors :
Name :	M. Saboo and Company Chartered Accountant
Address :	D-9/002, Yogi Nagar, Eksar Road, Borivali (west), Mumbai-400091, Maharashtra, India
Tel. No.:	91-22-28980943
Fax No.:	91-22-28983624
Associates/Subsidiaries :	Geetanjali Chemicals, E-35, MIDC Area, Jalgaon Activity: Manufacturer of Phthalate Plasticizers Address : Madhu Kunj, Ground Floor, Shankar Ghanekar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
9,000,000	Equity Share	Rs.10/- Each	Rs. 90.000 Millions
1,000,000	Preference Share	Rs.10/- Each	Rs. 10.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Share	Rs.10/- Each	Rs.30.000 Millions
500,000	Preference Share	Rs.10/- Each	Rs. 5.000 Millions
	Share Application Money		Rs.35.000 millions
	Total		Rs.70.000 Millions

Note:

1. Out of the above 2000000 equity shares fully paid up have been issued as Bonus shares by capitalizing General Reserve.

2. 500000 9% Redeemable Cumulative Preference shares of Rs. 10/- each shares application money.

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		35.000	35.000	35.000
2] Share Application Money		35.000	35.000	0.000
3] Reserves & Surplus		305.600	139.012	84.520
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		375.600	209.012	119.520
LOAN FUNDS
1] Secured Loans		157.223	78.371	21.844
2] Unsecured Loans		109.468	124.517	34.032
TOTAL BORROWING		266.691	202.888	55.876
DEFERRED TAX LIABILITIES		22.686	13.067	5.490
TOTAL		664.977	424.967	180.887
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		381.970	273.029	57.869
Capital work-in-progress		0.000	0.000	3.144
INVESTMENT		18.850	3.850	3.849
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.027	66.604	59.671
	Sundry Debtors	160.875	111.559	80.453
	Cash & Bank Balances	20.746	17.406	9.320
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	112.910	80.412	60.975
Total Current Assets		425.558	275.981	210.419
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.948	79.524	37.196
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	87.791	48.791	57.298
Total Current Liabilities		161.739	128.315	94.494
Net Current Assets		263.819	147.666	115.925
MISCELLANEOUS EXPENSES		0.338	0.422	0.098
TOTAL		664.977	424.967	180.887

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2010	31.03.2009	31.03.2008
	SALES
			Income	1047.272	736.027	364.014
			Other Income	1.274	1.279	1.525
			TOTAL (A)	1048.546	737.306	365.539
Less	EXPENSES
			Cost of Materials	495.029	440.275	197.858
			Manufacturing Expenses	132.768	70.387	53.400
			Employees Remuneration	40.243	30.439	23.378
			Increase/(Decrease) in Finished Goods	(7.589)	(11.307)	(12.916)
			Preliminary Expenses W/off	0.084	0.096	0.012
			Other Expenditure	106.193	88.738	53.913
			TOTAL (B)	766.728	618.628	315.645
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			281.818	118.678	49.894
Less	FINANCIAL EXPENSES (D)			35.151	13.106	5.191
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			246.667	105.572	44.703
Less/ Add	DEPRECIATION/ AMORTISATION (F)			23.914	8.273	6.282
	PROFIT BEFORE TAX (E-F) (G)			222.753	97.299	38.421
Less	TAX (H)			39.000	27.685	13.560
	PROFIT AFTER TAX (G-H) (I)			183.753	69.614	24.861
Less	Provision for Deferred Tax			9.619	7.577	1.044
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			42.212	7.721	11.450
Less	APPROPRIATIONS
		Transfer to General Reserve		20.000	20.000	20.000
		Dividend Tax		1.096	1.096	1.096
		Proposed Dividend (Equity Shares) Subject to Tax		6.000	6.000	6.000
		Proposed Dividend (Preference Shares) Subject to Tax		0.450	0.450	0.450
	BALANCE CARRIED TO THE B/S			188.800	42.212	7.721
	EARNINGS IN FOREIGN CURRENCY			709.205	447.221	64.909
	IMPORTS			334.413	232.972	66.516
	Earnings Per Share (Rs.)			61.25	23.20	8.29

Particulars	31.03.2011
Sales Turnover (Approximately )	1250.000

Expected Sales (2011-2012) : Rs. 1500.000 millions

The above information has been parted by Mr. Pahade [Accounts Manager]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	17.52	9.44	06.80
Net Profit Margin (PBT/Sales)	(%)	21.27	13.22	10.55
Return on Total Assets (PBT/Total Assets}	(%)	27.58	17.72	14.32
Return on Investment (ROI) (PBT/Networth)		0.59	0.46	0.32
Debt Equity Ratio (Total Liability/Networth)		1.14	1.58	1.26
Current Ratio (Current Asset/Current Liability)		2.63	2.15	2.23

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS :

The working of the units at jalgaon and malkapur was satisfactory during the year. The working of the new unit at malkapur [EOU Unit] was also satisfactory. The profit earned from this new EOU unit of the company would be exempt from the income tax. The company continued its efforts to develop new products at its R and D center at ambernath, Mumbai

The company has achieved a sales turnover of Rs.1048.547 million as against PY Rs.737.325 million and has earned net profit of Rs.222.363 million as against PY of Rs.97.298 millions.

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for Goods and Services	73.948	79.524	37.196

.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24100MH1986PTC041751
Name of the company	BENZO CHEM INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Madhu Kunj Off Sayani Roadshankar Ghanekar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90235809
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Canara Bank, Shishu Mandir Building, 12, G.S. Lane, Parel, Mumbai-400012, Maharashtra, India.
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement.
Date of instrument Creating the charge	05.03.2010
Amount secured by the charge	Rs.440.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest as may be stipulated by Bank from time to time. Terms of Repayment - Working Capital facility shall be repayable on Demand Term Loan shall be repayable in suitable installment. Margin - As may be stipulated by Bank from time to time. Extent and Operation of the charge - The Company hypothecates to and charges in favour of the Bank, all the company's Assets as described in Column No.15 below as security for due payment of the credit facilities together with interest, costs and other charges payable by company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of machinery described in Annexure III to the Supplemental Common Hypothecation Agreement dated 5th March, 2010 Primary Security on : Hypothecation on Company's entire stocks of Raw Material, Semi Finished and Finished Goods, E 13/14 MIDC Area, Jalgaon and B 26/27, MIDC Area, Dasarkhed, Malkapur. Collateral Security : Plot No.13/14 MIDC Area, Jalgaon, admg 4050 sq.mt. each, Plot No.26, 27 MIDC Dasarkhed,Malkapur admg. 24800 sq.mt., Ambernath property of MIDC Area Shed No.W-24.
Date of instrument modifying the charge	04.03.2010
Particulars of the present modification	The Bank having at the request of Company has agreed to sanction Fresh Loan Facility/ies of Rs.180.000 millions, thereby increasing the charge from Rs.260.000 millions to Rs.440.000 millions (comprising CC of Rs.30.000 millions, FLC/LC of Rs.120.000 millions, TL-I of Rs.5.000 millions, TL-II of Rs.15.000 millions, TL-III of Rs.150.000 millions, Guarantee of Rs.10.000 millions, PC/PCFC/FDB/FBE of Rs.110.000 millions).

Fixed Assets:

Ø Advance for Office

Ø Leasehold Land

Ø Factory Building

Ø Plant and Machinery

Ø Miscellaneous Machinery

Ø Electrical Installation

Ø Furniture and Fixtures

Ø Office Equipment

Ø Vehicles

Ø Computer

AS PER WEB DETAILS:

Profile:

Benzo Chem Industries Private Limited and Gitanjali Chemicals Private Limited are wholly owned companies of R.K. Mohatta Group that manufacture specialty organic chemicals. Gitanjali Chemicals Private Limited was started in 1982 for manufacturing of Phthalate Plasticizers and later on, in 1994; a new plant was set up for manufacturing of Chloro Phenol Derivatives and Diclofenic Sodium and Miconazole Nitrate. Intermediates. The plant is located in Jalgoan and recently it has also got FDA approval for manufacturing of bulk drugs.

Subject has two manufacturing units are different locations. The first plant was started in 1986 at Jalgoan and the second plant in 1997 at Malkapur. The product list widened with these new establishments and the company became market leader in manufacturing Para Chloro Benzyl Chloride and Para Chloro Benzyl Cyanide. With the passage of time the company diversified its product expertise and started producing derivatives based on Para Chloro Toulene, 2 4 Dichloro Toulene, Meta Chloro Toulene, Ortho Chloro Toulene and 3,4 Dichloro Toulene.

      The total production capacity of all three units is 3000 Mt. per annum and the plants have various sizes of Glass lined reactors, Autoclaves, S.S. Reactors, S.S. Fractional Distillations having Sulzer packing with internals
All three factories are ISO 9001-2000 certified from AQSR and received accreditation for ISO 14001-2004 and OHSAS 18001-1999.

The company has made a steady and steep increase in sales with the help of their skilled R and D team who are consistently innovating and developing new chemicals. The company has established a global presence worldwide through export of its range of products all over the world- USA, Europe, Australia, Japan, Korea, Brazil and Taiwan.

Manpower:

• Highly skilled and qualified R and D team appointed to develop novel route of manufacturing of organic chemicals.

• The Quality Control Laboratories are fully equipped with modern instruments and skilled chemists working around the clock to maintain consistent strict quality levels of the products manufactured by them.

• Proper recording of counter samples that are preserved for minimum 3 years. Each consignment is accompanied with Certificate of Analysis giving details on purity and impurities profiles.

• Each batch is closely monitored by process control and instruments laboratory to ensure completion of reactions and control the reaction parameters.

• Internal quality systems are followed to keep rejection of material strictly below 1%.

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 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.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.