MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	ORGANIC INDUSTRIES LIMITED [w.e.f.20.07.2007]

Formerly Known As :	ORGANIC PLASTICS LIMITED

Registered Office :	72, Raja Industrial Estate, P K Road, Mulund (West), Mumbai – 400 080, Maharashtra

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	25.03.1997

Com. Reg. No.:	11-106819

Capital Investment / Paid-up Capital :	Rs.37.390 Millions

CIN No.: [Company Identification No.]	U25201MH1997PLC106819

TAN No.: [Tax Deduction & Collection Account No.]	MUMO02097E

PAN No.: [Permanent Account No.]	AAACO3738N

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Bottles, Caps and Cosmetic Containers.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 290000

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The latest financial of the company are missing from the government department. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

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

INFORMATION DECLINED BY

Name :	Mr. Prasad Bhatt
Designation :	Chief Finance Officer
Contact No.:	91-22-41622838
Date :	12.09.2011

LOCATIONS

Registered Office :	72, Raja Industrial Estate, P K Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available

Corporate Office:	B 504, Pratik Industrial Estate, Nearr Wockhardt Hospital, Mulund-Goregaon Link Road, Bhandup (W), , Mumbai, Maharashtra, India
Tel No.:	91-22-41622828 (100 Lines) / 25662146
Fax No.:	91-22-41622803
E-Mail :	opl@mtnl.net.in vivek.naik@organicgroup.co.in
Website :	http://www.organicgroup.co.in

Factory 1 :	Plot No.9, Station Road, Opposite Mumbai-Nasik Highway, Taluka Shahapur, Asangaon - 421 601, Maharashtra, India
Tel. No.:	91-2527-272161/ 272164
	91-2527-272983
E-Mail :	opplasn@wspl.net.in

Factory 2 :	S.No.28/1, 28/2, Kempalingana Halli Road, Obanayakana Halli, Nelmangala Tal., Bangalore - 562 123, Karnataka, India
Tel. No.:	91-80–7725685/ 7725687/ 7725689
E-Mail :	opplnla@vsnl.net

Factory 3 :	S/ 163, GIDC, Dahej, Taluka Vaghru, District Bharuch – 392 130, Gujarat, India

Branch Office :	74, 1st Main, Lower Palace Orchards, Sadashiv Nagar, Bhashyam Circle, Bangalore - 560 080, Karnataka, India
Tel. No.:	91-80-23346772 / 6773 / 6774
Fax No.:	91-80-23346774
E-Mail :	oppblr@vsnl.net opplblr@gmail.com

DIRECTORS

As on 21.09.2010

Name :

Mr. Anand Monappa Shetty

Designation :

Director

Address :

1801, Odyssey I CHS Limited, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

08.01.1953

Date of Appointment :

17.02.1997

Din No.:

01287510

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	U25200MH1988PTC048174	PRAVIR POLYMERS PRIVATE LIMITED	Director	20-07-88	20-07-88	Active	YES
2	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Managing director	07-04-07	28-03-97	Active	NO
3	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Managing director	01-03-04	01-03-04	Active	YES
4	U24100MH2006PTC159289	JAGUAR SURFACTANTS PRIVATE LIMITED	Director	27-01-06	27-01-06	Active	NO
5	U25203MH2006PTC159777	TRIDENT POLYMERS PRIVATE LIMITED	Whole-time director	16-02-06	16-02-06	Active	YES
6	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29-10-08	29-10-08	Active	YES

Name :

Mr. Adish Anand Shetty

Designation :

Director

Address :

1801, Odyssey I CHS Limited, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

02.09.1988

Date of Appointment :

16.03.2007

Din No.:

01210843

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	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	16-03-07	16-03-07	Active	NO
2	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	16-03-07	16-03-07	Active	YES
3	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29-10-08	29-10-08	Active	YES

Name :

Mr. Pravir Anand Shetty

Designation :

Director

Address :

1801, Odyssey I CHS Limited, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

21.01.1984

Date of Appointment :

28.06.2002

Din No.:

01287484

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	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	28-06-02	28-06-02	Active	NO
2	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	01-03-04	01-03-04	Active	YES
3	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29-10-08	29-10-08	Active	YES

Name :

Mrs. Shashirekha Anand Shetty

Designation :

Director

Address :

1801, Odyssey I CHS Limited, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

01.06.1959

Date of Appointment :

17.02.1997

Din No.:

02135741

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	U25200MH1988PTC048174	PRAVIR POLYMERS PRIVATE LIMITED	Director	20-07-88	20-07-88	Active	YES
2	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	25-03-97	25-03-97	Active	NO
3	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	21-08-03	21-08-03	Active	YES
4	U25203MH2006PTC159777	TRIDENT POLYMERS PRIVATE LIMITED	Whole-time director	16-02-06	16-02-06	Active	YES
5	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29-10-08	29-10-08	Active	YES

Name :

Mr. Shyamlal Gobindram Jhaverani

Designation :

Director

Address :

Plot No. 381, Sainath Section, Ambernath (East), Thane – 421 501, Maharashtra, India

Date of Birth/Age :

14.03.1945

Date of Appointment :

01.11.2007

Date of Ceasing :

05.10.2009

Din No.:

01982051

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	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	01-11-07	01-11-07	05-10-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Prasad Bhatt
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2010

Names of Shareholders		No. of Shares
Adish Anand Shetty		1321600
Anand Monappa Shetty		5559000
A.M. Shetty (HUF)		50900
Kushal Shetty		1000
Pravir Anand Shetty		1497500
Shashirekha Anand Shetty		1443500
S.M. Shetty		65500

Total		9939000

As on 21.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		99.49
Other		0.51
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bottles, Caps and Cosmetic Containers.

Products :

· Blow Moulded Containers

· Injection Moulded Components

· Compression Moulded Caps

· Injection Stretch Blow moulded-Single stage Pet Bottles

· Injection Blow Moulded Bottles

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

The Shamrao Vithal Co-Operative Bank Limited, G-1, 6, 7 and 8, Ganesh Krupa, RHB Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
The North Kanara GSB Co-Operative Bank Limited, Mulund (West), Mumbai – 400 080, Maharashtra, India
HDFC Bank
ICICI Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loan [Secured by factory building, plant and machinery and other fixed assets]
SVC Bank
A/C No. BL/1508	75.930	0.000
A/C No. BL/1609	60.749	0.000
A/C No. BL/1610	15.186	0.000
A/C No. BL/1540	23.767	0.000
TJSB
A/C No. M/31	29.362	0.000
A/C No. M/66	19.843	0.000
A/C No. M/70	23.782	0.000
A/C No. M/59	26.730	0.000
A/C No. M/56	33.807	0.000
PMCB
A/C No. 3011/678	50.626	0.000
A/C No. 3010/648	27.946	0.000
Shamrao Vithal Co-Operative Bank Limited
A/C No. BL/1238	0.697	4.631
A/C No. BL/1396	7.597	9.757
A/C No. BL/1539	6.667	0.000
The North Kanara GSB Co-Operative Bank Limited	0.000	0.000
Loan A/C No. LMN-10	0.000	6.347
LMN-20	0.000	17.381
LMN-24	0.000	3.467
LMN-64	0.000	5.131
LMN-94	0.000	1.823
Secured by Vehicles
ICICI Bank – Car	0.162	0.205
ICICI Bank - Lancer	0.000	0.093
ICICI Bank – Mercedes Benz	0.000	0.670
ICICI Bank Indigo loan	0.181	0.289
Axis Bank Indigo	0.485	0.000
NKGSB Bank LMN 37	0.479	0.609
Cash credit [Hypothecation of stocks and book debts] Thane Janata Sahakari Bank Limited CC A/C 263	30.621	0.000
PMC Bank Limited A/C No. 1301/4144	0.524	0.000
SVC Bank Limited A/C No. 176	14.673	0.000
Thane Janata Sahakari Bank Limited CC A/C No. 269	11.271	0.000
Punjab and Maharashtra Co-operative Bank Limited 1301-4212	9.257	0.000
Shamrao Vithal Co-Operative Bank Limited	54.831	62.012
The North Kanara GSB Co-Operative Bank Limited	0.000	19.439
Total	525.173	131.854


Banking Relations :	--

Auditors :
Name :	Sadashiv Shetty and Company Chartered Accountants
Address :	102, Datta Ratna Building, Sir Bhalchandra Road, Dadar, Mumbai – 400 080, Maharashtra, India
Tel. No.:	91-22-24112755 / 24114825
E-Mail :	sadashiv_shetty@vsnl.net

CAPITAL STRUCTURE

As on 21.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9939000	Equity Shares	Rs.10/- each	Rs.99.390 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3739000	Equity Shares	Rs.10/- each	Rs.37.390 Millions

After as on 21.09.2010

Authorised Capital : Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.99.390 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		37.390	13.290	13.290
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.686	22.236	15.903
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		73.076	35.526	29.193
LOAN FUNDS
1] Secured Loans		525.173	131.854	120.541
2] Unsecured Loans		109.755	34.862	17.303
TOTAL BORROWING		634.928	166.716	137.844
DEFERRED TAX LIABILITIES		9.200	4.330	4.193

TOTAL		717.204	206.572	171.230

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		530.589	89.052	83.629
Capital work-in-progress		45.806	16.617	0.000

INVESTMENT		12.137	10.450	4.190
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.062	41.935	33.282
	Sundry Debtors	62.268	60.356	50.943
	Cash & Bank Balances	2.569	0.988	6.037
	Other Current Assets	35.186	6.366	15.893
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		179.085	109.645	106.155
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.363	21.167	18.081
	Other Current Liabilities	7.928	2.410	1.563
	Provisions	2.335	3.672	4.349
Total Current Liabilities		62.626	27.249	23.993
Net Current Assets		116.459	82.396	82.162

MISCELLANEOUS EXPENSES		12.213	8.057	1.249

TOTAL		717.204	206.572	171.230

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	390.290	381.205	328.116
		Other Income	1.513	0.891	1.129
		TOTAL (A)	391.803	382.096	329.245

Less	EXPENSES
		Manufacturing Expenses	291.691	320.064	277.086
		Personnel Expenses	18.450	12.770	10.602
		Administrative Expenses	15.800	14.830	10.071
		Increase/(Decrease) in Finished Goods	3.837	(7.047)	(1.422)
		TOTAL (B)	329.778	340.617	296.337

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.025	41.479	32.908

Less	FINANCIAL EXPENSES (D)		23.287	18.791	12.972

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.738	22.688	19.936

Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.083	14.346	11.739

	PROFIT BEFORE TAX (E-F) (G)		20.655	8.342	8.197

Less	TAX (H)		7.205	2.009	2.100

	PROFIT AFTER TAX (G-H) (I)		13.450	6.333	6.097

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.236	14.903	8.806

	BALANCE CARRIED TO THE B/S		34.686	21.236	14.903

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.734	0.000	39.124

	IMPORTS
		Raw Materials	16.393	17.540	0.000

	Earnings Per Share (Rs.)		3.60	4.77	--

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	3.43	1.66	1.85

Net Profit Margin (PBT/Sales)	(%)	5.29	2.19	2.50

Return on Total Assets (PBT/Total Assets}	(%)	2.91	4.20	4.32

Return on Investment (ROI) (PBT/Networth)		0.28	0.23	0.28

Debt Equity Ratio (Total Liability/Networth)		9.55	5.46	5.54

Current Ratio (Current Asset/Current Liability)		2.86	3.82	4.42

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for Capital Expenditure	33.827	1.259	0.097
Sundry Creditors for Goods (Purchased)	4.731	3.760	4.657
Sundry Creditors for Raw Materials	7.475	8.142	8.070
Sundry Creditors for Expenses	4.954	7.739	5.257
Sundry Creditors for Capital Retention	0.869	0.000	0.000
Sundry Creditors for Packing Expenses	0.507	0.000	0.000
Sundry Creditors (Bharuch)	0.000	0.267	0.000

Total	52.363	21.167	18.081

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10136136
Corporate identity number of the company	U25201MH1997PLC106819
Name of the company	ORGANIC INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	72, Raja Industrial Estate, P K Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	The Shamrao Vithal Co-Operative Bank Limited, G-1, 6, 7 and 8, Ganesh Krupa, RHB Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Email	m.g.kalelkar.associates@gmail.com
Nature of description of the instrument creating or modifying the charge	Second Supplemental Joint Deed of Hypothecation for Working Capital
Date of instrument Creating the charge	07.04.2010
Amount secured by the charge	Rs.170.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be decided, from time to time, by the bank. Margin As may be decided, from time to time, by the bank. Extent and Operation of the charge To secure the due repayment of credit facilities aggregating Rs.170.000 Millions (being Rs.94.000 Millions of SVC Bank, Rs.63.600 Millions of Thane Janata Sahakari Bank Limited and Rs.12.400 Millions of Punjab and Maharashtra Co-op. Bank), together with interest, all costs, charges and expenses and other monies payable thereon, granted to the Company.
Short particulars of the property charged	I) Current Assets namely, stocks of raw materials, stocks in process, semi finished and finished goods, stores and spares not relating to plant and machinery and all other movables, present and future. II) All, present and future, book-debts, outstanding monies, receivables, claims, bills, rights to or in moveable properties and moveable assets of the Company. III) All tangible movable machinery, plant machinery, fixtures, fittings other installation, cranes, furniture, computers and other accessories.
Date of latest modification prior to the present modification	14.10.2009
Particulars of the present modification	By this modification, the additional Cash Credit (Plastic Division) of Rs.12.500 Millions has been granted by SVC Bank and Cash Credit (Plastic Division) of Rs.10.000 Millions has been granted by Thane Janata Sahakari Bank to the Company. Hence, the aggregate credit facilities have been enhanced from Rs.1475 Millions to Rs.170.000 Millions ,(being Rs.94.000 Millions of SVC Bank,Rs.63.600 Millions of Thane Janata Sahakari Bank Limited and Rs.12.400 Millions of Punjab and Maharashtra Co-op. Bank) Therefore, the overall charge now stands at Rs.170.000 Millions .

FIXED ASSETS:

Goodwill
Land
Building
Plant and Machinery
Electrical Installation
Dies and Tools
Office Equipments
Air Conditioner
Furniture and Fixtures
Interior Decoration
Computer
Motor Car
Clean Room

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.47.10
UK Pound	1	Rs.74.64
Euro	1	Rs.64.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

52.363

7.928

Unit