MIRA INFORM REPORT

Report Date :

07.07.2012

IDENTIFICATION DETAILS

Name :	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED
Registered Office :	Jai Kisaan Bhawan, Zuari Nagar, Vasco – 403 726, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.11.2007
Com. Reg. No.:	24-005489
Capital Investment / Paid-up Capital :	Rs. 69.150 Millions
CIN No.: [Company Identification No.]	U01409GA2007PLC005489
TAN No.: [Tax Deduction & Collection Account No.]	BLRZ10952E
PAN No.: [Permanent Account No.]	AAACZ3153A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Specialty Fertilizer.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 349000
Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a joint venture between Zuari Industries Limited, India and Rotem Amfert Negev Limited, Israel. Subject is an established company having moderate track records. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings with slight 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 – 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

INFORMATION PARTED BY (General Details)

Name :	Mr. M.P. Madhav
Designation :	Senior Manager
Contact No.:	91-832-2592698

LOCATIONS

Registered Office/ Corporate Office/ Factory 1 :	Jai Kisaan Bhawan, Zuari Nagar, Vasco – 403 726, Goa, India
Tel. No.:	91-832-2592431/ 2592180
Mobile No.:	91-9850033545 (Mr. Suraj Sharma)
Fax No.:	91-832-2555279
E-Mail :	sagarhb@zuari.co.in raj@zuari.co.in ryp@zuari.co.in
Website :	http://zuari.in
Location :	Owned
Factory 2 :	Located at: v Baramati, Maharashtra, India
Location :	Owned

DIRECTORS

As on 19.09.2011

Name :	Mr. Naveen Kumar Kapoor
Designation :	Chairman cum Managing Director
Address :	B 6, Zil Colony, Zauri Nagar, Vasco – 403 726, Goa, India
Date of Birth/Age :	15.09.1953
Date of Appointment :	19.11.2007
DIN No.:	01680157

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	U01409GA2007PLC005489	Zuari Rotem Speciality Fertilizers Limited	Director	15-09-09	19-11-07	Active	NO
2	U74900GA2006PLC004921	Zuari Management Services Limited	Director	15-09-08	27-11-07	Active	NO
3	U01122GA1995PLC001751	Zuari Seeds Limited	Director	15-09-08	24-01-08	Active	NO
4	U11202GA2000PLC002869	Zuari Indian Oiltanking Limited	Director	26-09-08	26-09-08	Active	NO
5	U24120GA2009PLC006158	Zuari Fertilisers and Chemicals Limited	Director	11-08-09	11-08-09	Active	NO
6	U74900GA2010PLC006413	Adventz Industries India Limited	Director	14-06-10	14-06-10	Active	NO

Name :	Kirti Mohan Naithani
Designation :	Director
Address :	C 4, Anand Vatika Sushant Lok, Phase 2, VPO Samaspur, Near Huda, Sector 56, Gurgaon -122 001, Haryana, India
Date of Birth/Age :	27.07.1952
Date of Appointment :	19.11.2007
DIN No.:	01156617

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	U74899DL2003PTC118362	ISRA Ferts Consultants Private Limited	Director	08-01-03	08-01-03	Strike off	NO
2	U01409GA2007PLC005489	Zuari Rotem Speciality Fertilizers Limited	Director	30-06-08	19-11-07	Active	NO
3	U24119DL2003PTC119004	ICL Fertilizers India Private Limited	Director	30-09-10	13-09-10	Active	NO
4	U51909DL2011PTC214757	ICL Management and Trading India Private Limited	Director	24-02-11	24-02-11	Active	NO

Name :	Mr. Rajeev Nagendra Prasad Sinha
Designation :	Director
Address :	F-301, Essel Tower, Gurgaon – 122 001, Hayrana, India
Date of Birth/Age :	24.08.1957
Date of Appointment :	21.01.2011
DIN No.:	01156651

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	U74899DL2003PTC118362	ISRA Ferts Consultants Private Limited	Director	08-01-03	08-01-03	Strike off	NO
2	U01409GA2007PLC005489	Zuari Rotem Speciality Fertilizers Limited	Alternate director	13-07-11	21-01-11	Active	NO

Name :	Mr. Joseph Zidon
Designation :	Director
Address :	No.1, Yahadut Hadmama Street, Herzliya - 46725, Israel
Date of Birth/Age :	08.01.1949
Date of Appointment :	19.11.2007
DIN No.:	01668896
Name :	Binayak Datta
Designation :	Director
Address :	B 2, Zil Colony, Zauri Nagar, Vasco – 403 726, Goa, India
Date of Birth/Age :	11.05.1952
Date of Appointment :	19.09.2011
DIN No.:	01947395

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	U11202GA2000PLC002869	Zuari Indian Oiltanking Limited	Alternate director	11-04-11	25-03-08	-	Active	NO
2	U24124GA2002PLC003064	Zuari Maroc Phosphates Limited	Director	15-09-08	04-07-08	-	Active	NO
3	U24120GA2009PLC006158	Zuari Fertilisers And Chemicals Limited	Director	11-08-09	11-08-09	-	Active	NO
4	U65910GA2009PLC006177	Zuari Holdings Limited	Director	10-09-09	10-09-09	24-05-11	Active	NO
5	U26941KA2007PLC054428	Gulbarga Cement Limited	Director	30-09-10	20-11-09	25-05-11	Active	NO
6	U66010GA2003PLC003185	Zuari Insurance Brokers Limited	Director	31-08-10	08-12-09	-	Active	NO
7	U74900GA2006PLC004921	Zuari Management Services Limited	Director	01-06-10	18-12-09	-	Active	NO
8	U65993GA1995PLC001942	Zuari Investments Limited	Director	23-07-10	05-05-10	-	Active	NO
9	U01122GA1995PLC001751	Zuari Seeds Limited	Director	27-09-10	07-05-10	-	Active	NO
10	U74900GA2010PLC006413	Adventz Industries India Limited	Director	14-06-10	14-06-10	-	Active	NO
11	U01409GA2007PLC005489	Zuari Rotem Speciality Fertilizers Limited	Director	19-09-11	11-07-11	-	Active	NO
12	U27205DL2008PLC180160	Zuari Commodity Trading Limited	Director	28-09-11	27-07-11	-	Active	NO
13	U65100DL2008PLC180229	Zuari Financial Services Limited	Director	28-09-11	27-07-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. M.P. Madhav
Designation :	Senior Manager
Name :	Mr. Suraj Sharma
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Zuari Holdings Limited, India jointly with H.C. Shah	10
Zuari Holdings Limited, India jointly with Suresh Krishnan	10
Zuari Holdings Limited, India jointly with Naveen Kapoor	10
Zuari Holdings Limited, India jointly with R.Y. Patil	10
Zuari Holdings Limited, India jointly with B.K. Kinekar	10
Zuari Holdings Limited, India jointly with B.V. Patil	10
Zuari Holdings Limited, India jointly with George Ninan	10
Zuari Holdings Limited, India	3457431
Rotem Amfert Negev Limited, Israel	3457501
TOTAL	6915002

As on 19.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Specialty Fertilizer.

Products :

Item Code No.	Product Description
1 Kgs - 24205 and 25 Kgs - 24208	Poorna 19
1 Kgs – 24215 and 25 kgs – 24218	Atom 61
1 Kgs – 24225 and 25 Kgs - 24228	Boost 52

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Poorna19	MT	12,000	12,000	4,117.525

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

Corporation Bank, Vasco-da-Gama Branch, Raghunath Apartments, F.L. Gomes Road, P.B. 86, Vasco-da-Gama – 403 802, Goa, India

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From Bank – Term Loan	122.465	127.000
Interest accrued and due on term loan above	1.178	0.916
Total	123.643	127.916

Note:

Secured by first charge on factory land and building, plant and machinery and movable assets of the project and a negative lien on the assets of the company.

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yerwada, Pune, Maharashtra, India
PAN No.:	AALFS0506L
Joint Venturer :	v Zuari Industries Limited (holds 50% of the equity share capital) CIN No.: L65921GA1967PLC000157 v Rotem Amfert Negev Limited (holds 50% of the equity share capital)
Subsidiary of Joint Venturer :	v Fertilisers and Chemicals Limited , Israel v Indian Furniture Products Limited
Group Company :	Chambal Fertilisers and Chemicals Limited
Subsidiary Companies :	v Indian Furniture Products Limited v Zuari Seeds Limited v Simon India Limited v Adventz Infraworld India Limited (AIIL) v Gulbarga Cement Limited (GCL) v Zuari Fertilisers and Chemicals Limited (ZFCL) v Zuari Holdings Limited (ZHL) v Globex Limited (GL) v Zuari Management Services Limited (ZMSL) v Zuari Investment Limited v Zuari Insurance Brokers Limited (ZIBL) v Zuari Commodity Trading Limited (ZCTL) v Zuari Financial Services Limited (ZFSL)
Joint Venture Companies :	v Zuari Indian Oiltanking Limited v Zuari Maroc Phosphates Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6915002	Equity Shares	Rs.10/- each	Rs. 69.150 Millions

Note: Of the above 6915002 equity shares are held equally by Zuari Industries Limited and Rotem Amfert Negev Limited, joint venture.

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		69.150	69.150	49.334
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.205	2.585	0.000
4] (Accumulated Losses)		0.000	0.000	(3.877)
NETWORTH		87.355	71.735	45.457
LOAN FUNDS
1] Secured Loans		123.643	127.916	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		123.643	127.916	0.000
DEFERRED TAX LIABILITIES		9.460	4.216	0.000
TOTAL		220.458	203.867	45.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		175.435	150.249	2.664
Capital work-in-progress (including capital advances)		0.000	6.493	27.345
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	106.843	26.557	0.000
	Sundry Debtors	4.540	32.220	0.000
	Cash & Bank Balances	9.613	66.843	23.587
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.096	3.608	0.424
Total Current Assets		130.092	129.228	24.011
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.802	75.113	6.559
	Other Current Liabilities	8.290	6.597	2.004
	Provisions	1.977	0.393	0.000
Total Current Liabilities		85.069	82.103	8.563
Net Current Assets		45.023	47.125	15.448
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		220.458	203.867	45.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	459.915	217.696	0.000
		Other Income	6.620	2.622	0.000
		TOTAL (A)	466.535	220.318	0.000
Less	EXPENSES
		Consumption materials changes inventories	373.849	193.711	3.313
		Manufacturing service costs	8.599	0.055
		Employee related expenses	4.140	0.989
		Administrative selling other expenses	35.070	14.102
		Prior period items	0.341	0.000
		TOTAL (B)	421.999	208.857	3.313
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		44.536	11.461	(3.313)
Less	INTEREST FINANCIAL CHARGES (D)		13.953	0.509	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.583	10.952	(3.313)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.647	0.244	0.032
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		22.936	10.708	(3.345)
Less	TAX (H)		7.316	4.246	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		15.620	6.462	(3.345)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.585	(3.877)	(0.532)
	BALANCE CARRIED TO THE B/S		18.205	2.585	(3.877)
	IMPORTS
		Raw materials and traded goods	381.519	193.951	0.000
		Capital Goods	0.000	9.334	0.000
	TOTAL IMPORTS		381.519	203.285	0.000
	Earnings/ (Loss) Per Share (Rs.)		2.26	1.08	(2.12)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.35	2.93	0.00
Net Profit Margin (PBT/Sales)	(%)	4.99	4.92	0.00
Return on Total Assets (PBT/Total Assets}	(%)	7.51	3.83	(12.54)
Return on Investment (ROI) (PBT/Networth)		0.26	0.15	(0.07)
Debt Equity Ratio (Total Liability/Networth)		2.39	2.93	0.19
Current Ratio (Current Asset/Current Liability)		1.53	1.57	2.80

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
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	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	Yes
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	Yes
30) Major Shareholders, if available	Yes

NATURE OF OPERATIONS:

The Company was incorporated on November 15, 2007 under the Indian Companies Act with its registered office at Jaikisan Bhawan, ZuariNagar, Goa. The Company was formed as a joint venture pursuant to the agreement between Rotem Amfert Negev Limited (‘Rotem’) and Zuari Industries Limited (‘Zuari’) dated August 3, 2007 with both Rotem and Zuari holding 50% each in the equity share capital of the company.

Rotem has the experience and knowhow for the manufacture of Solid Water Soluble Fertilisers and related products and Zuari has necessary experience in manufacture, distribution, marketing and sale of fertilisers. The joint venture was entered into for conducting business in manufacturing, trading and marketing of fertilizer products for mutual benefit of both the parties.

The manufacturing facilities of the Company are located at Baramati, Near Pune in Maharashtra and the company commenced its commercial production from March 27, 2010.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. In Millions)
Claim against the Company not acknowledged as debts	0.123

Bankers Charges Report as per Registry

Corporate identity number of the company	U01409GA2007PLC005489
Name of the company	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Jai Kisaan Bhawan, Zuarinagar, Vasco- 403726, Goa, India Email ID: skrishnan@zuari.co.in
This form is for	Creation of charge
Type of charge	Movable Property Immovable Property
Particular of charge holder	Corporation Bank, Vasco -da -Gama Branch, Raghunath Apartments, F. L. Gomes Road, P. B. 86, Vasco da Gama - 403802, Goa, India Email ID: cb362@corpbank.co.in
Nature of instrument creating charge	First Charge on Plant and Machinery and other movable assets of the project, as per the Memorandum of Deposit of Title Deeds. Negative Lien on the assets of the Company during the tenure of the loan.
Date of instrument Creating the charge	01.08.2009
Amount secured by the charge	Rs.140.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9.75% Terms of Repayment As per mutual understanding from time to time Margin As per Deed of Hypothecation Extent and Operation of the charge First Charge on Plant and Machinery and other moveable assets of the project.
Short particular of the property or asset(s) charged	All that piece and parcel of the Industrial Land i.e. Plot No.G-335 admn 12600 Sq. Mts. along with the proposed construction adm.6734.83 Sq. Mts. situated within the limits of Baramati Industrial area.

FIXED ASSETS:

v Computer Software

v Leasehold Land

v Furniture and Fixtures

v Factory Building

v Plant and Machinery

v Lab Equipments

v Office Equipments

v Computers

v Vehicles

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] 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. 55.41
UK Pound	1	Rs. 86.04
Euro	1	Rs. 68.60

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.