MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	ROHAN DYES AND INTERMEDIATES LIMITED
Registered Office :	2^nd Floor, Pushpawati Building No.2, Chandanwadi, Girgaon, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.03.1992
Com. Reg. No.:	11-065834
Capital Investment / Paid-up Capital :	Rs.72.933 Millions
CIN No.: [Company Identification No.]	U24114MH1992PTC065834
TAN No.: [Tax Deduction & Collection Account No.]	MUMR06209A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dyes and Dyes Intermediates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 840000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company having moderate track. Profitability of the company appears to be low and their appears slight dip in the sales turnover. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	July 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	2^nd Floor, Pushpawati Building No.2, Chandanwadi, Girgaon, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22055184
Fax No.:	91-22-22084765
E-Mail :	info@rohandyes.com accounts@rohandyes.com Imports : import@rohandyes.com Exports : export@rohandyes.com Career Contact : hrd@rohandyes.com
Website :	http://www.rohandyes.com
Corporate Office :	UG / 11 – 12, Suryarath Complex, Opposite White House Building, Near Panchvati Circle, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26421129
Fax No.:	91-79-26422997
Factory :	123, G.I.D.C, Phase – 1, Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-40269500/ 502/ 22/ 23
Fax No.:	91-79-40269518

DIRECTORS

As on: 27.09.2011

Name :

Mr. Radheshyam Tarachand Agrawal

Designation :

Director

Address :

40, Sumadhur Society, Near Ocean Park, Nehru Nagar, Char Rasta, Satellite, Ahmedabad, Gujarat, India

Date of Appointment :

05.03.2002

DIN No.:

00266984

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1984PLC107293	AMITARA INDUSTRIES LIMITED	Director	29/08/1984	29/08/1984	16/09/2008	Active	NO
2	U55110GJ1996PTC031149	AMITARA RESORTS PRIVATE LIMITED	Director	19/11/1996	19/11/1996	17/03/2008	Active	NO
3	U24114MH1992PTC065834	ROHAN DYES AND INTERMEDIATES LIMITED	Director	05/03/2002	05/03/2002	-	Active	NO
4	U65910MH1996PLC103510	TARACHAND IMPEX LIMITED	Director	20/07/2002	20/07/2002	20/09/2008	Active	NO
5	U17100MH1996PTC100218	SHIV SHAKTI PETROFIL PRIVATE LIMITED	Director	06/03/2004	06/03/2004	-	Active	NO
6	U17117GJ2005PTC046034	MAXI GROWTH WEAVERS PRIVATE LIMITED	Director	29/09/2007	01/04/2007	-	Active	NO
7	U24100MH1996PLC101391	CAMBAY CHEM LIMITED	Additional director	30/06/2007	30/06/2007	-	Amalgamated	NO
8	U70200GJ2008PTC053262	RAJVI ENTERPRISE PRIVATE LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO

Name :

Mr. Alpesh Hiralal Parmar

Designation :

Additional Director

Address :

100/101, Pragatinagar, Amraiwadi, Ahmedabad – 380026, Gujarat, India

Date of Birth/Age :

08.03.1984

Date of Appointment :

05.12.2011

DIN No.:

05135471

Name :

Mr. Rohan Radheshyam Agrawal

Designation :

Whole Time Director

Address :

42, Sumadhur Society, Near Ocean Park, Nehru Nagar, Char Rasta, Satellite, Ahmedabad, Gujarat, India

Date of Birth/Age :

14.07.1984

Date of Appointment :

05.08.2010

DIN No.:

01191940

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1992PTC069599	SHRINATHJI DYE-CHEM EXPORT PRIVATE LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
2	U17117GJ2005PTC046034	MAXI GROWTH WEAVERS PRIVATE LIMITED	Director	29/09/2007	01/04/2007	-	Active	NO
3	U70200GJ2008PTC053262	RAJVI ENTERPRISE PRIVATE LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO
4	U24114MH1992PTC065834	ROHAN DYES AND INTERMEDIATES LIMITED	Whole-time director	05/08/2010	05/08/2010	-	Active	NO
5	U24249GJ2009PTC071391	BOUTIQUE PERFUMERY PRIVATE LIMITED	Additional director	01/09/2010	01/09/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2011

Names of Shareholders	No. of Shares
Yamunadutt A. Agrawal	506
Jitendra T. Agrawal	506
Radheshyam T. Agrawal	1142112
Kailash T. Agrawal	506
Indu R. Agrawal	100
Rohan R. Agrawal	2583400
Rajvi Agrawal	37606
Rajvi Enterprise Private Limited, India	2441250
Amitara Industries Limited, India	1062350
Yash Export (India) Limited, India	25000
Total	7293336

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2011

Category	Percentage
Bodies corporate	48.38
Directors or relatives of directors	51.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dyes and Dyes Intermediates.

Products :

Product Description	ITC Code
Reactive Black-5	320416.08
H-Acid	29221-06
Acid Black 210	320412.08

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, 1st Floor, Neptune Tower Annex, Near Gandhigram Railway Station, Ashram Road, Ahmedabad - 380006, Gujarat, India

· Barclays Bank Plc, 801/808, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· State Bank Saurshtra, IFB-Branch; Ashram Road, Ahmedabad, Maharashtra, India

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	12.927	0.000
Working capital loans banks secured	27.678	28.739
Loans taken for fixed assets secured	(A)2.431	3.743
Other debt secured	(B)159.599	183.198
Total	202.635	215.680
Note: (A) Loan against hypothecation of vehicles - HDFC Bank Limited (B) Export packing credit - 60512306 foreign bills discounting – 99086388
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	(A)4.052	9.978
Other debt unsecured	(B)67.064	77.263
Total	71.116	87.241

(A) Loan from Directors and Shareholders

(B) Loan from Corporate Bodies.

Banking Relations :	--
Auditors :
Name :	Ashokkumar S. Gupta and Company Chartered Accountants
Address :	203, New Cloth Market, Near Raipur Gate, Ahmedabad – 380 002, Gujarat, India
PAN No.:	AANPG4519P

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
17500000	Equity Shares	Rs.10/- each	Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7293336	Equity Shares	Rs.10/- each	Rs.72.933 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		72.933	43.183	43.183
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		137.990	130.430	121.133
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		210.923	173.613	164.316
LOAN FUNDS
1] Secured Loans		202.635	215.680	159.511
2] Unsecured Loans		71.116	87.241	75.634
TOTAL BORROWING		273.751	302.921	235.145
DEFERRED TAX LIABILITIES		8.193	8.203	8.892
TOTAL		492.867	484.737	408.353
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.344	94.596	99.936
Capital work-in-progress		99.356	57.075	26.875
INVESTMENT		0.020	1.020	1.020
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	130.476	118.153	116.840
	Sundry Debtors	193.011	192.055	164.706
	Cash & Bank Balances	29.374	20.185	19.732
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	147.253	197.259	163.563
Total Current Assets		500.114	527.652	464.841
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	125.607	130.101	119.308
	Other Current Liabilities	4.060	0.389	0.392
	Provisions	63.492	65.453	65.101
Total Current Liabilities		193.159	195.943	184.801
Net Current Assets		306.955	331.709	280.040
MISCELLANEOUS EXPENSES		0.192	0.337	0.482
TOTAL		492.867	484.737	408.353

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		643.635	876.145
		Other Income		31.350	39.297
		TOTAL	648.440	674.985	915.442
Less	EXPENSES
		Office Expenses		656.869	902.002
		Administrative Expenses
		Advertising Expenses
		TOTAL	630.987	656.869	902.002
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		17.453	18.116	13.440
Less/ Add	DEPRECIATION/ AMORTISATION		9.152	9.508	12.782
	PROFIT/ (LOSS) BEFORE TAX		8.301	8.608	0.658
Less	TAX		0. 740	(0.688)	31.426
	PROFIT/ (LOSS) AFTER TAX		7.561	9.296	(30.768)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		111.051	101.755	132.523
	BALANCE CARRIED TO THE B/S		118.611	111.051	101.755
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	535.934	560.699	654.911
	TOTAL EARNINGS		535.934	560.699	654.911
	Earnings Per Share (Rs.)		1.04	2.15	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.17	1.38	(3.36)
Net Profit Margin (PBT/Sales)	(%)	NA	1.34	0.08
Return on Total Assets (PBT/Total Assets}	(%)	1.42	1.38	0.12
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.00
Debt Equity Ratio (Total Liability/Networth)		2.21	2.87	2.56
Current Ratio (Current Asset/Current Liability)		2.59	2.69	2.52

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATION AND FUTURE SCENARIO

For the year the Company’s turnover was down by approx. 2.11% primarily on account of one being currency impact and also the production and sales of H-Acid Intermediates is till not started. In the previous year the margins were under pressure as the Company was not able to bargain much on the price front as the world economy saw severe recession and our Company being primarily having exports of 90% and above. However, for the period, due to effective cost control and improved margins, the Company earned net profit (before tax) of Rs.8.301 Millions.

Also after the amalgamation, the management of the Company has thought it fit to carry on the production of all and every kind of Intermediates i.e H-Acid, J-Acid, DASA, Vinyl Sulfone etc. at the Cambay, District Anand location and production of Dyes and Dyestuffs at Vatva, Ahmedabad and which shall have better synergy of operations and internal controls will be in proper place with respect to cost and management etc.

Also the Company is in the process of expansion of its manufacturing facilities at Vatva Plant of Reactive/Acid Dyes from the existing 400 MT per month to 800 MT per month whereby the Factory Building is in the advanced stage of completion and the commercial production is likely to start within couple of months. Also simultaneously, it has also the ambitious expansion-cum-diversification plans for the manufacture of H-Acid for 300 MT per month and Vinyl Sulfone and CPC Blue for 200 and 100 MT per month respectively at Village: -Kalamsar, Cambay, District Anand involving total project cost at both the location of Rs. 142.500 Millions and thereby it will become one of the major players in Dyes and Intermediates manufacturing.

Thus after the completion of expansion-cum-diversification of production facilities it will greatly improve our top-line growth and also generate better revenues in near future.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Foreign letter of credit of	36.276	49.385
Bank Guarantee	11.060	2.771
Inland Letter Of Credit	13.728	1.473
Income Tax Demand AY 2002-03	2.230	0.000
Income Tax Demand AY 2003-04	0.546	0.000
Income Tax Demand AY 2004-05	0.426	0.000
Income Tax Demand AY 2005-06	0.185	0.000
Income Tax Demand AY 2007-08	0.473	0.000

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U24114MH1992PTC065834
Name of the company	ROHAN DYES AND INTERMEDIATES LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Pushpawati Building No.2, Chandanwadi, Girgaon, Mumbai – 400002, Maharashtra, India E-mail: rohandyes@jindalonlines.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90165447
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others (other receivables)
Particular of charge holder	State Bank of India, 1st Floor, Neptune Tower Annex, Near Gandhigram Railway Station, Ashram Road, Ahmedabad - 380006, Gujarat, India E-mail: sbi.60327@sbi.co.in
Nature of instrument creating charge	Agreement of hypothecation of goods and assets.
Date of instrument Creating the charge	23.03.2011
Amount secured by the charge	Rs.429.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.75% above base rate on cash credit 5% above base rate on term loan Terms of Repayment On Demand In Respect Of Cash Credit. Term Loan In 72 Months Including Moratorium Of 12 Months. Margin RM 25% SIP 40% FG 40% Receivables 50% Letter of Credit 10% Bank Guarantee 10% TL 34.95% Extent and Operation of the charge On all movable assets, stock in trade, current assets, book debts and bill receivables and immovable properties of the company. Others N.A
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive first charge hypothecation of entire current assets including stocks of raw materials, stock in process, finished goods, stores and spares etc bills/book debts/receivables/goods. Exclusive first charge hypothecation of plant and machinery at GIDC, Phase-1, Vatva, Ahmedabad AND Cambay exclusive first charge hypothecation of Plant and Machinery of the amalgamated company i.e. Cambay Chem Limited situated at Survey No.637, Village- Kalamsar, Taluka Khambhat, District- Anand.
Particulars of the present modification	Fund based and NFB WC limit renewed at exesting level-CC-20.000 Millions, EPC Rs.60.000 Millions, FBP Rs.140.000 Millions, LC Rs.100.000 Millions. CEL limit extended from Rs.10.000 Millions. TO Rs.11.900 Millions and fresh term loan of Rs. 92.500 Millions total charge extended up TO Rs.429.400 Millions.

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.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		34

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.