MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	S. D. FINE CHEM LIMITED
Registered Office :	Plot No. 248 (A), Worli Scheme 52, 315-317 T V Industrial Estate, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.04.1977
Com. Reg. No.:	11-19595
Capital Investment / Paid-up Capital :	Rs.10.400 Millions
CIN No.: [Company Identification No.]	U24100MH1977PTC019595
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37176G
PAN No.: [Permanent Account No.]	AAACS5421L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Organic and Inorganic Laboratory Chemicals.
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1090000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	Plot No. 248 (A), Worli Scheme 52, 315-317 T V Industrial Estate, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24936114/ 96/ 24959598/ 2432429
Fax No.:	91-22-24937232
E-Mail :	sdfcl@giasbm01.vsnl.net.in sales@sdfine.com accounts@sdfine.com
Website :	http://www.sdfine.com
Factory :	Unit I 27/28, MIDC, Tarapur Industrial Area, B-Road, Boisor - 401506, Maharashtra, India Tel. No.: 91-252-2572890 Fax No.: 91-252-2570023 Unit II Survey No. 229, Village Poincha, Taluka Savli, District Vadodara, Gujarat, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Shantilal Dharamshi Tolia

Designation :

Chairman cum Managing Director

Address :

5-D, Cosmopolis, 21 L. D. Ruparel Marg, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.09.1927

Date of Appointment :

02.01.1978

DIN :

00256244

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24100MH1977PLC019595	S.D.FINE CHEM LIMITED	Managing director	1/4/2010	2/1/1978	Active	NO
2	U45200MH1974PLC017993	WORLI INDUSTRIAL PROPERTIES LIMITED	Director	1/6/1989	1/6/1989	Active	NO

Name :

Ms. Ela Shantilal Tolia

Designation :

Director

Address :

5-D, Cosmopolis, 21 L. D. Ruparel Marg, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

20.02.1934

Date of Appointment :

25.11.1985

DIN :

00266558

Name :

Mrs. Hita Shantilal Tolia

Designation :

Whole Time Director

Address :

5-D, Cosmopolis, 21 L. D. Ruparel Marg, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

11.02.1960

Date of Appointment :

25.11.1985

DIN :

 00266506

Name :

Mr. Sanjiv Shantilal Tolani

Designation :

Whole Time Director

Address :

5-D, Cosmopolis, 21 L. D. Ruparel Marg, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.12.1965

Date of Appointment :

31.05.1988

DIN :

00260702

Name :

Mr. Gopal Keshav Menon

Designation :

Director

Address :

401 Parishram, 40 Pali Hill, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

12.11.1937

Date of Appointment :

27.06.1995

DIN :

 00751453

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24100MH1977PLC019595	S.D.FINE CHEM LIMITED	Director	27/06/1995	27/06/1995	Active	NO
2	U85110MH1991PTC062321	ADITYA JYOT EYE HOSPITAL PRIVATE LIMITED	Director	29/09/2006	29/09/2006	Active	NO

Name :

Mrs. Pooran Gokuldas Tahilramaney

Designation :

Director

Address :

301, White House, N. Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

14.04.1928

Date of Appointment :

26.06.2003

DIN :

00107873

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109MH1941PTC003338	SEPULCHRE BROTHERS (INDIA) PRIVATE LIMITED	Director	25/01/1966	25/01/1966	-	Active	NO
2	U99999MH1974PLC017561	SULZER PUMPS INDIA LIMITED	Director	7/10/1986	7/10/1986	-	Active	NO
3	U29297PN1988PLC046977	SULZER INDIA LIMITED	Director	11/4/1988	11/4/1988	26/06/2009	Active	NO
4	U29210MH1991PTC062173	BENNINGER INDIA Private Limited	Director	21/06/1991	21/06/1991	-	Active	NO
5	U29269KA1994PTC016624	JAKOB MULLER (INDIA)PRIVATE LIMITED	Director	27/09/1995	27/09/1995	8/2/2009	Active	NO
6	U27200MH1998PTC114831	MSS INDIA PRIVATE LIMITED	Nominee director	8/5/1998	8/5/1998	12/3/2009	Active	NO
7	U24100MH1977PLC019595	S.D.FINE CHEM LIMITED	Director	26/06/2003	26/06/2003	-	Active	NO
8	U31909MH2006PTC166365	G Corner Electrical Systems Private Limited	Nominee director	20/12/2006	20/12/2006	27/02/2009	Active	NO
9	U74999MH1962PLC012315	EWAC ALLOYS LIMITED	Alternate director	22/11/2008	22/11/2008	6/12/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Navin Chaturbhai Patel
Designation :	Company Secretary
Address :	201, Sarovar, Sagar Complex, Saibaba Nagar, Borivli (West), Mumbai – 400 092, Maharashtra, India
Date of Birth/Age :	23.12.1954
Date of Appointment :	07.03.1992

MAJOR SHAREHOLDERS

(As on 29.09.2010)

Names of Shareholders	No. of Shares
Rahul K. Mehta	3400
Lina K. Mehta	3300
Lalita K. Mehta	3300
Sanjiv S. Tolia	19000
Shantilal D. Tolia	34998
Ela S. Tolia	32000
Hita S. Tolia	8000
Harsukhlal C. Mavani	1
Kanta H. Mavani	1
Total	104000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	90.38
Other top fifty shareholders	9.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Organic and Inorganic Laboratory Chemicals.

PRODUCTION STATUS as on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity
Laboratory and Fine Chemicals	MT	--	4300

GENERAL INFORMATION

No. of Employees :

150 [Approximately]

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
• Canara Bank (Consortium), Worli Branch, Marthanda Building, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
• Corporation Bank, 68/72; Babu Menu Road, Kalbadevi, Bomay - 400002, Maharashtra, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
Banks
Cash Credit and Working capital demand loan [secured by hypothecation / mortgage of stock in trade, book debts and movable / immovable fixed assets of the company and guaranteed by directors]	73.588	31.035
Vehcle loan [secured by hypothecation of assets and guaranteed by directors] [due to payable in next 1 year Rs.0.061 million / previous year Rs.0.326 million]	0.061	0.386
Total	73.649	31.421
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
Fixed Deposits – From a Director	0.850	7.050
Long term – interest free sales tax incentive loan	0.298	0.418
Total	1.148	7.468

Banking Relations :	--
Auditors :
Name :	May and Company Chartered Accountants
Address :	2/34 Parleshwar Society, Shahaji Raje Marg, Vile Parle (East), Mumbai - 400057, Maharashtra, India
Tel No.:	91-22-26116602
Fax No.:	91-22-26117130
Email:	office@camay.net
Website :	http://www.camay.net

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
104,000	Equity Shares	Rs.100/- each	Rs.10.400 millions

• 24650 Shares are allotted as fully paid pursuant to a contract without payment being received in cash.

• 54000 shares are allotted as par/premium to the debenture holders as fully paid on conversion of debentures in to shares.

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		10.400	10.400	10.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		262.198	221.946	178.821
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		272.598	232.346	189.221
LOAN FUNDS
1] Secured Loans		73.649	31.421	93.716
2] Unsecured Loans		1.148	7.468	1.686
TOTAL BORROWING		74.797	38.889	95.402
DEFERRED TAX LIABILITIES		11.263	13.612	14.215
TOTAL		358.658	284.847	298.838
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		100.464	111.793	111.056
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.045	2.028	0.075
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	119.006	86.814	132.578
	Sundry Debtors	141.252	127.311	129.582
	Cash & Bank Balances	83.226	8.866	3.411
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	110.464	104.693	101.712
Total Current Assets		453.948	327.684	367.283
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.030	92.846	117.264
	Current Liabilities	0.000	0.000	0.000
	Provisions	87.769	63.812	62.312
Total Current Liabilities		201.799	156.658	179.576
Net Current Assets		252.149	171.026	187.707
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		358.658	284.847	298.838

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	598.033	653.786	521.205
		Other Income	12.787	13.821	8.142
		TOTAL (A)	610.820	667.607	529.347
Less	EXPENSES
		Material Cost	322.353	369.572	276.331
		Employee Cost	90.382	85.874	75.955
		Other Expenses	119.222	114.728	110.583
		TOTAL (B)	531.957	570.174	462.869
	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		78.863	97.433	66.478
Less	FINANCIAL EXPENSES (D)		[0.597]	9.213	8.558
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		79.460	88.220	57.920
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.273	14.976	15.273
	PROFIT / LOSS BEFORE TAX (E-F) (G)		63.187	73.244	42.647
Less	TAX (H)		20.501	28.000	14.680
	PROFIT / LOSS AFTER TAX (G-H) (I)		42.686	45.244	27.967
	Excess provision for taxation written back		0.000	0.254	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		178.332	140.708	118.118
Less	APPROPRIATIONS
		Transfer to General Reserve	4.500	5.500	3.000
		Proposed Dividend	2.080	1.040	1.040
		Interim Dividend	0.000	1.040	1.040
		Tax on Proposed Dividend	0.353	0.147	0.147
		Tax on Interim Dividend	0.000	0.147	0.150
	BALANCE CARRIED TO THE B/S		214.085	178.332	140.708
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	52.462	82.685	44.105
		Commission	2.193	0.153	2.474
	TOTAL EARNINGS		54.655	82.838	46.579
	IMPORTS
		Raw Materials	67.284	75.640	49.526
		Finished Goods	38.292	35.176	31.075
		Others	2.325	1.728	2.533
	TOTAL IMPORTS		107.901	112.544	83.134
	Earnings Per Share (Rs.)		410	435	-

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.99	6.78	5.28
Net Profit Margin (PBT/Sales)	(%)	10.56	11.20	8.18
Return on Total Assets (PBT/Total Assets}	(%)	11.40	16.67	8.91
Return on Investment (ROI) (PBT/Networth)		0.23	0.31	0.22
Debt Equity Ratio (Total Liability/Networth)		1.01	0.84	1.45
Current Ratio (Current Asset/Current Liability)		2.25	2.09	2.04

LOCAL AGENCY FURTHER INFORMATION

Operations : during the year the company’s sale and other income were Rs.610.820 millions against last year’s sales and other income of Rs.667.607 millions. the profit before taxation for the current year is Rs.63.187 millions against last year’s Rs.73.244 millions and profit after tax for the current year is Rs.42.686 millions against last year’s Rs.45.244 millions.

Contingent Liabilities :

Rs.in millions

PARTICULARS	31.03.2010	31.03.2009
Counter guarantee given to bank against Banks guarantee to government authorities and others	6.432	2.004
letter of credit	4.439	5.506
Excise	12.381	4.643

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90233805
Corporate identity number of the company	U24100MH1977PLC019595
Name of the company	S.D.FINE CHEM LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 248 (A) Worli Scheme52 3/5 3/7 T V Ind Estate, Worli, Mumbai – 400018, Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Canara Bank (Consortium), Worli Branch, Marthanda Building, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplemental Joint Deed of Hypothecation Supplemental Working Capital Consortium Agreement Joint Deed of Hypothecation (above Three agreement constitute a single Charge)
Date of instrument Creating the charge	22.01.2009
Amount secured by the charge	Rs.169.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Canara Bank - OCC/ ODBD- Interest@11% shall be charged. HDFC Bank - OCC/ ODBD- Interest@14.50% shall be charged. (subject to revision by the bank plus Interest tax and any other statutory levy if and when applicable, in case of both the banks) and other limits as per Sup. Working Capital Consortium agreement. Terms of Repayment – On Demand Margin – Canara bank- OCC/ODBD - Stock-25%, Book Debts-40% ILC/FLC-(DA)-25% and (DP)- Nil Guarantee- 25% HDFC Bank- Such as may be notified by Bank from time to time Extent and Operation of the charge - First charge ranking pari passu basis by way of Hypothecation of Current assets and other movable assets and Plant and Machinery of the borrower both present and future. Others - Limits enhanced from Rs.122.500 millions to Rs.169.500 millions
Short particulars of the property charged	Hypothecation of Current assets i.e. Stock of raw materials, stock in process, finished and semi finished goods, stores and spare not relating to plant and machinery(Consumable stores and spares) and all Book debts, outstanding moneys receivables, claims, bills and additional secured by Plant and Machineries, all other assets and movables both present and future stored at factory premises at E-27/28,MIDC Tarapur Ind. area, Boisar and Unit No.2,S.No.299 Village Poicha, Taluka Savli, Dist.Vadodara.
Date of latest modification prior to the present modification	07.03.2005
Particulars of the present modification	By present modification Hypothecation by way of First charge ranking pari passu basis on Current assets viz.Stocks and Book Debts has now increased from Rs.122.500 millions to Rs.169.500 millions and now additional secured of Plant and Machineries having WDV of Rs.68.786 millions as per ABS 31.03.08 is being created for the total limit of Rs.169.500 millions

FORM 8:

Name of the company	S D Fine Chem Limited
Presented By	HDFC Bank Limited and S D Fine Chem Limited
1) Date and description of instrument creating the change	Dated 25.04.2005 Memorandum relating to hypothecation of machinery.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.20.000 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	All the movable plant and machinery both present and future, movable properties, now stored or which may hereafter installed at as per describe in schedule to the agreement and also the plant and machinery, which may at any time hereafter belonging to company or its disposal and now or at any time and from time to time hereafter stored or be stored or brought into or upon or in course of transit or awaiting transit by any mode of transport to company’s factory or premises or at any other place whatsoever in company’s possession or occupation or at any other premises or place.
4) Gist of the terms and conditions and extent and operation of the charge.	i) The said plant and machinery shall be hypothecated as a continuing security for the due repayment by the company to the bank at any time on demand. ii) The company shall at all time during the continuance of this security maintain the said machinery of a sufficient quantity and value so as to provide the margin of security as may from time to time be advised to the company by the bank. iii) This security shall be and remain as a continuing security for all company’s indebtedness and liabilities either alone or jointly with any other person/s on any account whatsoever and for the ultimate balance due to the bank and will not be affected by any fluctuations in the said account or by the account being brought to credit at any time. iv) Interest is payable of 12% p.a. by way of monthly rates or such other rate stipulated by the bank from time to time. v) The term loan is repayable in 3 ½ Years in equal quantity instalments after a 6 months.
5) Name and Address and description of the person entitled to the charge.	HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
6) Date and brief description of instrument modifying the charge	N A
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.	N A

FIXED ASSET

· Freehold and Leasehold Land

• Building
• Plant and Machinery
• R and D Machinery
• Electrical Installations
• Furniture and Fixtures
• Vehicles
• Computers
• Office Equipments
• Cylinder

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. 49.22
UK Pound	1	Rs. 76.06
Euro	1	Rs. 65.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.