MIRA INFORM REPORT

Report Date :

11.02.2012

IDENTIFICATION DETAILS

Name :	PEST CONTROL (INDIA) PRIVATE LIMITED
Registered Office :	36, Yusuf Building, M. G. Road, Fort, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.07.1954
Com. Reg. No.:	11-009347
Capital Investment / Paid-up Capital :	Rs.12.000 millions
CIN No.: [Company Identification No.]	U74140MH1954PTC009347
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15164C / MUMP00273A
PAN No.: [Permanent Account No.]	AAACP5994K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pest Control Product.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 2400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade Relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	36, Yusuf Building, M. G. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-26865550-4 / 56990252-5 / 22810595 / 22041546 / 40865600
Fax No.:	91-22-26865555 / 56990256 / 22810594
E-Mail :	corporate@pcil.co.in corporate@pcil.in sujatha.mudur@pcil.in
Website :	http://www.pcilindia.com www.pcil.in
Location :	Owned
Corporate Office :	2^nd and 5^th Floor, Jagdamba House, (Next to Anupam Cinema), Peru Baug, P.O. Box 9060, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-26865550-4 / 66990256
Fax No.:	91-22-26865555 / 66990256
E-Mail :	corporate@pcil.co.in solutions@pcil.in
Bio-Control Research Laboratories (BCRL) :	No.36/2, Sriramanahalli, Rajankunte Post, P.O. Box 6426, Yelhanka, Bangalore – 560 064, Karnataka, India
E-Mail :	bcrl@pcil.in
Plants / Factory :
Address:	Mira Road A-6/10/11, MIDC Area, Post Box No. 30, Western Express Highway, Beyond Dahisar Check Post, Mira (Dist. Thane) – 401107, Maharashtra, India
Tel No.:	91-22-28456277/ 28454278/ 28456934/ 28455207/ 28455734/ 28455652
Fax No.:	91-22-28457313
Email:	mirafactory@pcil.co.in mirafactory@pcil.in
Address:	Taloja Plot Nos. 38/39, Taloja MIDC (Chemical Zone), Industrial Area, Village :Navade, Taluka : Panvel, Dist : Raigad – 410208, Maharashtra, India
Tel No.:	91-2145-27402263/ 27401024/ 27401025
Fax No.:	91-2145- 27402263
Email:	talojafactory@pcil.co.in talojafactory@pcil.in
Address:	Vasai Bio-Control Research Laboratories (BCRL) No. 36/2, Sriramanahalli,Rajankunte Post, P. O. Box 6426, Yelahanka, Bangalore – 560064, Karnataka, India
Email:	jayanthk@vsnl.com
Sales Division :	127, Keytuo Industrial Estate, 220, Kondivita Road, (Off. Andheri-Kurla Road), Andheri (East), Mumbai – 4000059, Maharashtra, India
Tel No.:	91-22-28212546-7/ 28217385/ 2832 8481
Fax No.:	91-22-28221647
Email:	psd_mumbai@pcil.co.in industrial_products@pcil.co.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Anil Sripad Rao
Designation :	Chairman and Managing Director and Chief Executive Officer
Address :	Palmyra, 6^th Floor, Plot No. 593-B, 21^st Khar Pali Road, Bandra, Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	03.01.1951
Date of Appointment :	01.04.2006
DIN No.:	00151328

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	U74140MH1954PTC009347	PEST CONTROL (INDIA) PRIVATE LIMITED	Managing director	01-04-11	29-11-86	Active	NO
2	U90001MH2001PTC130942	PCI ENVIRONMENTAL SERVICES PRIVATE LIMITED	Director	20-02-01	20-02-01	Active	NO
3	U24100MH2009PTC190541	GUMTREE TRAPS PRIVATE LIMITED	Director	24-02-09	24-02-09	Active	NO
4	U55101GA2006PTC004886	JACKSON TOURISM PRIVATE LIMITED	Director	14-09-10	14-09-10	Active	NO
5	U74120MH2011PTC223565	BRANDENBURG (INDIA) PRIVATE LIMITED	Director	01-11-11	01-11-11	Active	NO

Name :	Mr. Nalkur Sripad Narsing Rao
Designation :	Chairman Emeritus Executive Director
Address :	No. 1, Union Park, Nargis Dutt Marg, Khar, Mumbai – 400 052, Maharashtra, India
Date of Birth/Age :	20.09.1920
Date of Appointment :	20.12.2008
DIN No.:	00239558

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	U74140MH1954PTC009347	PEST CONTROL (INDIA) PRIVATE LIMITED	Director	20-12-08	30-07-54	-	Active	NO
2	U24231DL1971PLC005716	CROP HEALTH PRODUCTS LIMITED	Director	23-07-71	23-07-71	28-11-08	Active	NO

Name :	Dr. Pramila Kanu Chatterjee
Designation :	Executive Director (Medical and Welfare)
Address :	319, Sector ‘A’, Packet ‘C’, Vasant Kunj, New Delhi – 110 070, India
Date of Birth/Age :	15.04.1943
Date of Appointment :	01.08.2006
DIN No.:	00239716

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Geeta Mohan Rao / Mohan S. Rao	19296
Anil Sripad Rao	21735
Anils. Rao/ Marianne Rao	11639
Anjali Nalkur	6096
Radha M. Bhatkal	3360
Ravi Bhatkal	3000
N. G. Wagle	1500
Srikant D. Nalkur	1266
Umesh Rao Tavanandi	1200
Surekha D. Rao	800
G. N. Surkund	775
Manohar N. Shanbhag	774
Lebereta D'souza	750
Susheela S. Tavanandi	648
Archana A. Mavinkurve	600
T. Durgadas Rao	500
Dipak Rajnikant Shah	360
Narayan N. Solanki	210
J.N.Irani	180

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	0.05
Directors or relatives of Directors	75.93
Other top fifty shareholders	19.95
OTHERS	4.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pest Control Product.

Products :

Item Code No. (ITC Code)	--
Product Description	Pest Control Services
Item Code No. (ITC Code)	380810.00
Product Description	Insecticides
Item Code No. (ITC Code)	854300.00
Product Description	Electric Pest Exterminators

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

· Indian Overseas Bank, 2/10, Elphinstone Building, Veer Nariman Road, Fort, Mumbai – 400 023, Maharashtra, India

· HDFC Bank Limited, HDFC Bank house, Senapati Bapat Marg, Lower Parel (West), Mumbai 400 013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	96.770	110.353
Loans taken for fixed assets secured
Loans taken for vehicles secured	3.399	4.761
Total	100.169	115.114
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans unsecured
Working capital loans banks unsecured	0.547	0.547
Loans taken for fixed assets unsecured
Loans taken for other fixed assets unsecured	1.825	1.825
Total	2.372	2.372

Banking Relations :	--
Auditors :
Name :	Sharat Shanbag and Company Chartered Accountants
Address :	“Vagdevi”, 369 - B, S.B. Marg, Mahim, Mumbai – 400 016, Maharashtra, India
Tel No :	91-22-24226986/24377598 (Res.)
PAN No :	AAEPS4136R
Associates :	· PCI Environmental Services Private Limited · Alpha PCI Pest Management Limited, Mauritius. · Cannon Pest Management Company Limited, Thailand.

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120000	Equity shares	Rs.100/- each	Rs.12.000 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		12.000	12.000	12.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		607.478	482.011	393.441
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		619.478	494.011	405.441
LOAN FUNDS
1] Secured Loans		100.169	115.114	154.422
2] Unsecured Loans		2.372	2.372	0.572
TOTAL BORROWING		102.541	117.486	154.994
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		722.019	611.497	560.435
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		498.990	415.441	357.695
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		29.508	11.086	11.038
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	174.509	165.023	184.416
	Sundry Debtors	232.071	228.110	237.581
	Cash & Bank Balances	329.428	211.170	116.558
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	80.476	78.023	79.389
Total Current Assets		816.484	682.326	617.944
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	203.018	149.334	10.697
	Other Current Liabilities	421.739	358.613	420.352
	Provisions	(1.794)	(10.591)	(4.807)
Total Current Liabilities		622.963	497.356	426.242
Net Current Assets		193.521	184.970	191.702
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		722.019	611.497	560.435

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2249.500	1898.800	1740.300
		Other Income	17.932	10.715	6.215
		TOTAL	2267.432	1909.515	1746.515
Less	EXPENSES
		Office Expenses	2039.020	1739.286	1605.025
		Administrative Expenses
		Advertising Expenses
		TOTAL	2039.020	1739.286	1605.025
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		228.412	170.229	141.490
Less	DEPRECIATION/ AMORTISATION		40.096	33.957	30.098
	PROFIT BEFORE TAX		188.316	136.272	111.392
Less	TAX		63.290	47.702	54.762
	PROFIT AFTER TAX		125.026	88.570	56.630
	PRIOR PERIOD ADJUSTMENTS		0.441	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		132.008	103.438	96.808
Less	APPROPRIATIONS
		Transfer to General Reserve	100.000	60.000	50.000
	BALANCE CARRIED TO THE B/S		157.475	132.008	103.438
	EARNINGS IN FOREIGN CURRENCY
		Export at F.O.B		29.595	23.370
		Other (Freight, Insurance etc.)	NA	2.100	2.337
		Sales Service		0.000	0.527
		Technical Fees and Commission		4.359	0.779
	TOTAL EARNINGS		NA	36.054	27.013
	IMPORTS
		Value of Import of Chemicals and Equipment on CIF basis	NA	104.468	143.648
	TOTAL IMPORTS		NA	104.468	143.648
	Earnings Per Share (Rs.)		1041.88	738.08	471.92

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.51	4.64	3.24
Net Profit Margin (PBT/Sales)	(%)	8.37	7.18	6.40
Return on Total Assets (PBT/Total Assets}	(%)	14.32	12.41	11.42
Return on Investment (ROI) (PBT/Networth)		0.30	0.28	0.27
Debt Equity Ratio (Total Liability/Networth)		1.17	1.24	1.43
Current Ratio (Current Asset/Current Liability)		1.31	1.37	1.45

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

During the year, the Sales have increased to Rs. 2249.500 Millions from Rs.1898.800 Millions during the corresponding previous year and the profit before tax has increased to Rs.188.316 Millions (Previous Year Rs.136.272 Millions).

BUSINESS PERFORMANCEAND REVIEW:

The Company's overall turnover has increased by 18.5% over the previous year to Rs. 2249.500 Millions with the Services and Product sales turnover increasing by 15% and 28% respectively over the previous year and the profit after tax by 41%.

This is a strong performance considering the challenging and competitive market conditions. It was achieved through a concerted effort to consolidate market share and an increased focus on sales, implementing the strategies devised the previous year.

The services have faced severe price pressures from many competitors, new and old, despite which they have largely managed to maintain their client base through consistent delivery of quality.

The Product Sales Division has done well through increased distributorship for Bio-control Products pushing a remarkable growth of over 60%. This reflects the greater acceptance of their quality products by the farmers and government agencies supporting the adoption of their Eco-friendly products. They hope to further capitalise on this growing trend the next year too.

Sales of ETO sterilisers to the health sector and related manufacturing industries has contributed substantially to the good performance in product sales and there are indications that this trend will continue the following year too.

Many new, innovative products like the Cockroach Traps based on the technologies emanating from BCRL, have shown great acceptance amongst clients and helped differentiate the service in a market increasingly crowded by new companies. Research and product development in this vein continues to provide them unique advantages in keeping them ahead of the competition.

However, it is important to note the rapid and aggressive moves being planned and made by many international companies with an eye to establish themselves in the Country in their field. This will need them to direct their focus and resources to engage them pro-actively in every competitive manner possible to keep their lead.

Their Joint Venture Company PCI Environmental Services Private Limited has progressed satisfactorily and has expanded its operations to major metro cities.

The Company's Joint Venture in Mauritius, Alpha PCI Pest Management Limited is also progressing satisfactorily.

The Company has also entered into a Joint Venture with Cannon Pest Management Company Limited in Thailand which has great potential for growth and is progressing satisfactorily.

CONTINGENT LIABILITIES: (Not Provided for ) (AS ON 31.03.2011)

a) Counter guarantees for the guarantees issued by the Bank, as at 31st March 2011: Rs.4.046 Millions (Previous year: Rs.7.824 Millions).

b) Letter of Credit issued by the Bank, as at 31st of March, 2011: Rs.4.257 Millions (Previous year: Rs.3.317 Millions)

c) Claims against the Company not acknowledged as debts in respect of Excise Duty: Rs. 0.010 Million (Previous year: Rs.1.384 Millions).

d) Claims against the Company not acknowledged as debts in respect of Service Tax: Rs. 4.931 Millions (Previous year: Rs. 4.931 Millions)

FORM 8

Corporate identity number of the company	U74140MH1954PTC009347
Name of the company	PEST CONTROL (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	36, Yusuf Building, M. G. Road, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: corporate@pcil.in
This form is for	Modification of charge
Charge identification number of the modified	90243896
Type of charge	Book Debts Movable Property
Particular of charge holder	Indian Overseas Bank, 2/10, Elphinstone Building, Veer Nariman Road, Fort, Mumbai – 400 023, Maharashtra, India E-Mail: m.g.kalelkar.associates@gmail.com
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation (For securing Machineries/ Vehicles/ Goods/ Book Debts)
Date of instrument Creating the charge	03.09.2010
Amount secured by the charge	Rs.10.600 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As may be prescribed by the Bank, from time to time. Terms of Repayment: Repayable in 60 monthly installments Margin: Margin : 25% Extent and Operation of the charge: To secure the due repayment of Term Loan of Rs.10.600 millions granted by the Bank to the Company.
Short particulars of the property charged	All present and future, raw materials, stock in process, finished goods, stores and consumables, of the Company. All present and future, book debts due to the Company. All present and future, plant and machinery, equipments, scientific instruments, vehicles, software and hardware, etc., of the Company.
Date of latest modification prior to the present modification	18.08.2008
Particulars of the present modification	By this modification, Term Loan of Rs.10.600 millions, granted by the Bank to the Company, has been renewed and shall continue to be in force. Therefore, the overall charge still stands at Rs.10.600 millions.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Equipments

· Furniture and Fixtures

· Electrical Installations

· Motor Vehicles

· Cycles

· Capital Work in Progress

WEBSITE DETAILS

PROFILE

Subject was established in the year 1954 and is the first and largest pest management company in India. Subject offers a comprehensive range of Professional Pest Management Services and Quality Products and Equipment through a countrywide network of over 150 offices and 3500 employees.

Their own product formulation and manufacturing (liquid and gas) facilities are equipped with state-of-the-art quality control, analysis and research and development (R and D) facilities. Bio-Control Research Laboratories (BCRL) is a modern facility engaged in the propagation and production of various biological control agents and bio-pesticides and spearheads the company’s commitment towards environment-friendly pest management techniques.

Over the years, Subject has constantly endeavoured to introduce better and more cost-effective pest management technology for both services and products. Vision and foresight coupled with the desire to constantly improve has enabled them to retain their premier status in the country today. With over 50 years of experience, they reaffirm their commitment: that of providing comprehensive, one-stop solutions in their field of expertise.

AWARDS

2010: ABCI Award

PCI wins the Bronze Prize in the Internal Magazine Category during the 50^th anniversary celebration, for their periodical called “Antenna”.

2007

National Award for Excellence in Research and Development Efforts in the Agro and Food Processing Industry Category, given by the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, Government of India.

1993

National Award for Excellence in Research and Development Efforts in the Industry in the Agro-Industry Category, given by the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, Government of India.

1983

Jamnalal Bajaj Award for Fair Business Practices.

1978

Assocham Award from the Association of Chambers of Commerce for Rural Development and Agricultural Activities.

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. 49.64
UK Pound	1	Rs. 78.33
Euro	1	Rs. 65.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.