MIRA INF4ORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	GARGI HUTTENES ALBERTUS PRIVATE LIMITED (w.e.f. 01.07.1997)
Formerly Known As :	GARGI HUTTENES ALBERTUS LIMITED
Registered Office :	203, Vasant Vihar Complex, Next to Basant Cinema, Dr. C. Gidwani Road, Mumbai – 400074, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.03.1988
Com. Reg. No.:	11-046413
Capital Investment / Paid-up Capital :	Rs.97.000 Millions
CIN No.: [Company Identification No.]	U74999MH1988PTC046413
PAN No.: [Permanent Account No.]	AAACG3997K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Foundry Chemicals and Fluxes.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

INFORMATION DECLINED BY

Management Non Co-operative

Contact No.: 91-22-25201597/ 27626005

LOCATIONS

Registered Office :	203, Vasant Vihar Complex, Next to Basant Cinema, Dr. C. Gidwani Road, Mumbai – 400074, Maharashtra, India
Tel. No.:	91-22-25563596/ 25563597/ 25562705/ 25580815/ 25564379/ 25201596/ 97
Fax No.:	91-22-25562706/ 25562080/ 25202706/ 3080
E-Mail :	gargi@bom2.vsnl.net.in info@gargi-india.com gargi@gargi-india.com
Website :	http://www.gargi-india.com
Factory :	Plot No.D-360/361, M.I.D.C., TTC Industrial Area, District Thane – 400706, Maharashtra, India

DIRECTORS

(AS ON 05.07.2011)

Name :	Mr. Vinod Vishwamitra Kapur
Designation :	Chairman cum Managing Director
Address :	18, Union Park, Chembur, Mumbai - 400071, Maharashtra, India
Date of Birth/Age :	26.10.1943
Qualification :	B.Sc.
Date of Appointment :	07.03.1988
DIN No.:	00474054
Name :	Mr. Vicky Vishwamitra Kapur
Designation :	Managing Director
Address :	18, Union Park, Chembur, Mumbai - 400071, Maharashtra, India
Date of Birth/Age :	30.10.1952
Qualification :	B.Sc.
Date of Appointment :	07.03.1988
DIN No.:	00474210
Name :	Mr. Klaus Karl Georg Pampel
Designation :	Director
Address :	Wiesenstrasse 23, 40549 Dusseldorf, Germany
Date of Birth/Age :	19.10.1949
Qualification :	B.Sc.
Date of Appointment :	14.02.2005
DIN No.:	01762246
Name :	Mr. Gaurav Vinod Kapur
Designation :	Whole Time Director
Address :	18, Union Park, Trombay Road, Chembur, Mumbai – 400 071, Maharashtra, India
Date of Birth/Age :	16.05.1979
Date of Appointment :	01.11.2008
DIN No.:	00034397

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 05.07.2011)

Names of Shareholders	No. of Shares
Huttenes Albertus Chemische Werke Gmbh, Germany	388000
Vinod Kapur Jointly with Uma Chopra	1
Vinod Kapur	1
Vinod Kapur Jointly with Prem Chopra	1
Vinod Kapur Jointly with Rajkumar Kedia HUF	1
Vinod Kapur	1
Vinod Kapur Jointly with J P Ahluwalia, Hemalata Kamani	1
Vinod Kapur Jointly with P L Kapur	1
Vinod Kapur Jointly with Hardevi Mehra, Sangeeta Mehra, Suresh Mehra	1
Vinod Kapur Jointly with Madhuri Mehra	1
Vinod Kapur	1
Vinod Kapur Jointly with Ulric Periera	1
Vinod Kapur Jointly with Pushpa Jadhav, Kiran Gurbaxani, Anjana Gurbaxani	1
Vinod Kapur	154774
Vicky Kapur Jointly with Khosla Inds	1
Vicky Kapur Jointly with Vibha Kapur	1
Vicky Kapur	1
Vicky Kapur	1
Vicky Kapur Jointly with Margret Kedia, Rajkumar Kedia	1
Vicky Kapur Jointly with Bina Ray	1
Vicky Kapur Jointly with Anisha Kapur	1
Vicky Kapur Jointly with Anita Paul	1
Vicky Kapur	1
Vicky Kapur	1
Vicky Kapur	154776
Gargi Holdings Private Limited, India	750
Vishwqamitra Kapur HUF – Karta Vinod Kapur	18178
Vinod Kapur HUF	88000
Vicky Kapur HUF	88000
Gaurav V. Kapur Jointly with Vinod Kapur and Geeta V. Kapur	38750
Varun V. Kapur Jointly with Father Vicky Kapur and Namita V. Kapur	38750
Total	970000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.00
Directors or relatives of directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Foundry Chemicals and Fluxes.

Products :

Products Description	Item Code No.
P F Resins	39094020
Reaction Initiators	38159000
Refractory Coatings	38160000

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Foundry Resins, Hardeners and Coatings	MT	NA	30000 TPA	26380

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Citi Bank N. A.,

Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India

· The Cosmos Co-Operative Bank Limited,

Chembur Branch, Richmonds Heights, Plot No.239, Centre Avenue Road, Chembur, Mumbai – 400 071, Maharashtra, India

· Development Credit Bank Limited

Vashi Branch, Mumbai – 400703, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	41.343	0.000
Working capital loans banks secured	129.994	64.505
Total	171.337	64.505
NOTE: Term Loans are secured by Mortgage of Land and Building at Khopoli and hypothecation of Plant and Machinery at Khopoli. Cash and Buyers' Credit from the Cosmos Co-op Bank Limited are secured by hypothecation of stock and book-debts and by pari passu charge on current assets. Above facilities are collaterly secured by charge on Plant and Machinery at Plot D-360/361 M.I.D.C. Navi Mumbai and Land and Building at D-360. Cash and Buyers' Credit from the Citi Bank NA are secured pari passu charge on current assets. Above facilities from both the banks are guaranteed by the Managing Directors.
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	21.722	53.704
Other debt unsecured	79.901	48.969
Total	101.623	102.673

Banking Relations :	--
Auditors :
Name :	J.V. Sanghvi and Company Chartered Accountants
Address :	Office No.1, Namrata – A, 90 Feet Road, Building No.4, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Tel No.:	91-22-32449541
PAN No.:	AAGPS0434E
Collaborators :	· Huttenes Albertus Chemische Werke Gmbh
Associates :	· Gargi Industries · Gargi Holding Private Limited · Gargi Impex Corporation · Gargi Steel Chem Private Limited · Gargi Engg Enterprise Private Limited · Gaurav Infrabuild Private Limited · Gargi Magna Steelchem Private Limited · Gargi Crystal Steelchem Private Limited · Gargi Mettallurgical Corporation (Merged with Gargi Chemicals Private Limited) Address : 205, Vasant Vihar Complex, Next to Basant Cinema, Dr. C. Gidwani Road, Chembur, Mumbai - 400 074, Maharashtra, India Tel. No. : 91-22-25563596 / 25563597 / 25562705 / 25580815 / 25564379 Fax No. : 91-22-25562706 / 25562080 E-Mail : gargi@bom2.vsnl.net.in / info@gargi-india.com Website : http://www.gargi-india.com Activity : Act as traders
Group Companies :	Gargi Huttenes Albertus Emirates LLC FZC Fujairah Free Zone, Phase 2, P.O. Box 2745, Fujairah, United Arab Emirates Tel : +971 9 2228872 E-Mail : gargi@gargi-india.com Gargi Industries - Division of Gargi Chemicals Private Limited Address : 2, Mercantile Apartments, Next to Basant Cinema, Chembur, Mumbai - 400 074, Maharashtra, India Tel. No. 91-22-25563596/ 97/ 25201396/ 97 Fax No. 91-22-25562706/ 25572080 E Mail : gargi@bom2.vsnl.net.in Website : http://www.gargi-india.com Gargi Engineering Enterprises Private Limited Address : 205, Vasant Vihar Complex, Chembur, Mumbai 400 074, Maharashtra, India Tel No.: 91-22-25201596/ 97/ 25513724 Email: gargi@gargi-india.com Line of Business: Authorized Dealers and Service agent for Kirloskar Pneumatic and Copeland AC and Refrigeration Compressors, Representative Sales and Service Agents for Omega Foundry Machinery Limited, United Kingdom Gargi Crystal Steelchem Private Limited Address: Plot No. 70/B, Phase I, GIDC, Vatva Ahmedabad 382 445, Gujarat, India Tel No.: 91-79-2589335 E-Mail: crystalfdry@gmail.com Gargi Magna Steelchem Private Limited Plot No. 32/33, Sector C, Sri Laxmi Co-Operative Industrial Estate, Hatkanangali 416 109, Maharashtra., India E-mail: klp_gargikop@sancharnet.in Western Refra-Cast Private Limited Address: 4904 and 5, Phase IV, GIDC, Vatva Ahmedabad – 382 445, Gujarat, India Tel. No.: 91-79-25842289/ 25841790 E-Mail: refracast@gmail.com

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
970000	Equity Shares	Rs.100/- each	Rs.97.000 Millions

NOTE: Includes 760000 shares, which have been allotted as Bonus Shares in the Past years.

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		97.000	97.000	97.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		387.999	290.969	273.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		484.999	387.969	370.700
LOAN FUNDS
1] Secured Loans		171.337	64.505	75.459
2] Unsecured Loans		101.623	102.673	49.599
TOTAL BORROWING		272.960	167.178	125.058
DEFERRED TAX LIABILITIES		4.043	4.104	1.937
TOTAL		762.002	559.251	497.695
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		210.390	187.515	176.181
Capital work-in-progress		17.887	4.855	2.245
INVESTMENT		5.216	5.166	5.166
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	139.474	96.929	60.287
	Sundry Debtors	753.976	491.856	386.098
	Cash & Bank Balances	33.643	10.351	30.273
	Other Current Assets	36.990	31.291	0.000
	Loans & Advances	3.251	2.601	19.659
Total Current Assets		967.334	633.028	496.317
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	386.295	245.051	149.449
	Other Current Liabilities	2.019	0.840	0.816
	Provisions	50.511	25.422	31.949
Total Current Liabilities		438.825	271.313	182.214
Net Current Assets		528.509	361.715	314.103
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		762.002	559.251	497.695

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		1681.656	1635.191
		Other Income		2.694	0.913
		TOTAL (A)		1684.350	1636.104
Less	EXPENSES
		Materials Consumed		1392.737	1362.922
		Manufacturing Expenses		47.900	40.567
		Other Expenses		106.244	106.967
		TOTAL (B)		1546.881	1510.456
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Not Available	137.469	125.648
Less	FINANCIAL EXPENSES (D)			16.018	24.690
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			121.451	100.958
Less/ Add	DEPRECIATION/ AMORTISATION (F)			15.602	13.841
	PROFIT BEFORE TAX (E-F) (G)			105.849	87.117
Less	TAX (H)			36.603	31.048
	PROFIT AFTER TAX (G-H) (I)		153.068	69.246	56.069
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			69.999	73.506
Less/ Add	Prior Year Adjustments		Not Available	0.148	0.059
Less	APPROPRIATIONS
		Transfer to General Reserve		29.100	9.700
		Dividend		44.620	42.681
		Tax on Dividend		7.504	7.254
	BALANCE CARRIED TO THE B/S			58.169	69.999
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	155.779	84.797	105.666
		Dividend		1.425	0.000
	TOTAL EARNINGS		155.779	86.222	105.666
	IMPORTS
		Raw Materials	NA	229.750	264.289
	TOTAL IMPORTS		NA	229.750	264.289
	Earnings Per Share (Rs.)		157.80	71.54	57.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.11	3.43
Net Profit Margin (PBT/Sales)	(%)	NA	6.29	5.33
Return on Total Assets (PBT/Total Assets}	(%)	NA	12.90	12.95
Return on Investment (ROI) (PBT/Networth)		NA	0.27	0.24
Debt Equity Ratio (Total Liability/Networth)		1.47	1.14	0.83
Current Ratio (Current Asset/Current Liability)		2.20	2.33	1.00

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- For Goods		211.332	128.388
- For Expenses	386.295	27.171	17.727
- For Others		6.548	3.334
Total	386.295	245.051	149.449

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last two years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

CONTINGENT LIABILITIES NOT PROVIDED:

Particulars	31.03.2011	31.03.2010	31.03.2009
In respect of:
A] Letter of Credit	5.075	38.130	14.136
B] Bank Guarantee	35.032	0.032	19.032
C] Commitment on Capital Expenditure	0.732	1.595	0.565

FORM 8

Corporate identity number of the company	U74999MH1988PTC046413
Name of the company	GARGI HUTTENES ALBERTUS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	203 Vasant Vihar Complex, Next to Basant Cinema, Dr C Gidwani Road, Mumbai – 400074, Maharashtra, India gargi@gargi-india.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	The Cosmos Co-operative Bank Limited Chembur Branch, Richmond Heights, Central Avenue Road, Ground Floor, Plot No.239 Chembur, Mumbai – 400071, Maharashtra, India njbhatia@rediffmail.com
Nature of instrument creating charge	Deed of Hypothecation of stock, book debts and machinery
Date of instrument Creating the charge	19.07.2011
Amount secured by the charge	Rs.25.200 millions
Brief of the principal terms and conditions and extent and operation of the charge	· Rate of interest 13% p.a. or at such rate as maybe determined by the bank from time to time. · Terms of repayment Term loan I: 36 months Term loan II: 36 months + 9 months moratorium period · Margin 25% in banks favour · Extent and operation of the charge Term Loan I: Rs 11.500 Millions Term Loan II: Rs 13.700 Millions
Short Particulars of the property or assets	Hypothecation of all the borrowers movable machinery, plant and equipments with their accessories and spare parts , furniture and fixtures now belonging to and that may thereafter belong to the borrower and which are now installed or being installed or to be installed hereafter and brought in stored or be in at or about the premises, warehouses or godowns of the borrower at Khopoli, Nerul.

FIXED ASSETS

· Land

· Factory Building

· Office Premises

· Staff Quarters

· Building

· Trade Mark

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Motor Cars

· Delivery Vans

· Office Equipments

· Office Equipments

· Computers

NEWS

Gargi Huttenes Albertus Private Limited - "Second Award"

Our company, Gargi Huttenes Albertus Private Limited, has won "Second Award" for the outstanding Export Performance in Inorganic and Organic Chemicals Panel during 2008-09.

The award was presented to Mr. Gaurav Kapur, Director of Gargi Huttenes Albertus Private Limited, Mumbai by Hon'ble Minister of State for Chemicals and Fertilizers, Govt. of India, Shri Srikant Kumar Jena.

The above award was set up by CHEMEXCIL (Ministry of Commerce and Industry, Govt. of India) on occasion of presentation of 37th and 38th Export Awards.  The function was held at Hotel The Leela Kempinski, Mumbai on Thursday, the 6th Jan.’11.

Gargi Industries.- "Certificate of Merit"

Our company, Gargi Industries, has won "Certificate of Merit" for the outstanding Performance in Inorganic and Organic Chemicals Panel during 2007-08.

The award was presented to Ms. Anisha Kapur, Vice President (Export) of Gargi Industries, Mumbai by Hon'ble Minister of State for Chemicals and Fertilizers, Govt. of India, Shri Srikant Kumar Jena.

The above award was set up by CHEMEXCIL (Ministry of Commerce and Industry, Govt. of India) on occasion of presentation of 37th and 38th Export Awards.  The function was held at Hotel The Leela Kempinski, Mumbai on Thursday, the 6th Jan.’11.

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.54.29
UK Pound	1	Rs.86.60
Euro	1	Rs.68.87

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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

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

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

RATING EXPLANATIONS

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

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

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