MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	AMBUJA INTERMEDIATES LIMITED [w.e.f. 19.09.2011]
Formerly Known As :	AMBUJA INTERMEDIATES PRIVATE LIMITED
Registered Office :	A/901, Nar Narayan Complex, Near Navrangpura Bus Stop, Off C G Road, Navrangpura, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.08.1988
Com. Reg. No.:	04-011091
Capital Investment / Paid-up Capital :	Rs.61.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1988PLC011091
TAN No.: [Tax Deduction & Collection Account No.]	AHMA02216E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Dyestuff.
No. of Employees :	300 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1100000
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.

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

Name :	Mr. Harshad
Designation :	Finance Executive
Contact No.:	91-22-42127777

LOCATIONS

Registered Office/ Headquarter :	A/901, Nar Narayan Complex, Near Navrangpura Bus Stop, Off C G Road, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26427576/26427666
Fax No.:	91-79-26426694
E-Mail :	grshah@ambujaindia.com ambujaintermediates@gmail.com ahm@ambujaindia.com
Website :	www.ambujaindia.com
Corporate Office :	133, Bhandari Street, Null Bazar, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-42127777/23867792/23857141/23800058
Fax No.:	91-22-23809797
E-Mail :	ambuja@bom3.vsnl.net.in admin@ambujaindia.com
Chemical Complex Unit 1, 2, 3 and 4 :	Survey No. 1152, Near Milton Laminates, Village Rajpur, Taluka Kadi, District Mehsana-382740, Gujarat, India
Tel. No.:	91-2764-278403/278404
Fax No.:	91-2764-278415
E-Mail :	works@ambujaindia.com

DIRECTORS

AS ON 16.08.2011

Name :

Mr. Gambhirmal Ramanlal Shah

Designation :

Whole Time Director

Address :

6, Jadav Bhuvan, 32, Dr. Wilson Street, V.P. Road, Mumbai-400004, Maharashtra, India

Date of Birth/Age :

01.04.1958

Date of Appointment :

10.08.1988

Din No.:

00137528

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	U27310GJ1979PTC003535	AMBUJA METAL INDUSTRIES PRIVATE LIMITED	Director	12-11-81	12-11-81	Active	NO
2	U24231GJ1988PLC011091	AMBUJA INTERMEDIATES LIMITED	Whole-time director	19-09-11	10-08-98	Active	NO
3	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	11-09-04	11-09-04	Active	NO
4	U51101MH2007PTC172377	NENAVA IMPEXX PRIVATE LIMITED	Director	16-07-07	16-07-07	Strike off	NO
5	U40107MH2004PTC212657	SINEWAVE BIOMASS POWER PRIVATE LIMITED	Director	02-05-08	02-05-08	Active	NO
6	U40101RJ2008PTC027275	MEGAA POWER PROJECTS PRIVATE LIMITED	Director	29-08-08	29-08-08	Active	NO
7	U22120MH1996PTC099920	ELECTRA MULTIMEDIA PRIVATE LIMITED	Director	15-06-11	13-04-11	Under liquidation	NO
8	U27200MH1989PTC054265	SHRUTI RE-ROLLERS PRIVATE LIMITED	Additional director	10-06-11	10-06-11	Active	NO

Name :

Mr. Lalit Tilokchand Shah

Designation :

Managing Director

Address :

14-C, 7 Khanderao Block, Kotachi Wadi, V.P. Road, Mumbai-400004, Maharashtra, India

Date of Birth/Age :

01.12.1973

Date of Appointment :

10.07.1999

Din No.:

00144685

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	U24231GJ1988PLC011091	AMBUJA INTERMEDIATES LIMITED	Managing director	15-09-11	10-07-99	Active	NO
2	U24230GJ2005PTC045597	LONZA PHARMACEUTICALS PRIVATE LIMITED	Director	02-03-05	02-03-05	Strike off	NO
3	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	30-09-06	17-08-06	Active	NO
4	U27310GJ1979PTC003535	AMBUJA METAL INDUSTRIES PRIVATE LIMITED	Director	30-09-06	17-08-06	Active	NO
5	U51101MH2007PTC172377	NENAVA IMPEXX PRIVATE LIMITED	Director	16-07-07	16-07-07	Strike off	NO
6	U40107MH2004PTC212657	SINEWAVE BIOMASS POWER PRIVATE LIMITED	Director	02-05-08	02-05-08	Active	NO
7	U22120MH1996PTC099920	ELECTRA MULTIMEDIA PRIVATE LIMITED	Director	15-06-11	13-04-11	Under liquidation	NO
8	U27200MH1989PTC054265	SHRUTI RE-ROLLERS PRIVATE LIMITED	Additional director	10-06-11	10-06-11	Active	NO

Name :

Mr. Mahendra Mohanlal Patel

Designation :

Whole Time Director

Address :

16, Vishnu Hari Apartment, 18, Pushpakunj Society, Kankaria, Ahmedabad, Gujarat, India

Date of Birth/Age :

22.12.1956

Date of Appointment :

19.11.1999

Din No.:

00137602

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	U24231GJ1988PLC011091	AMBUJA INTERMEDIATES LIMITED	Whole-time director	19-09-11	19-11-99	Active	NO
2	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	11-09-04	11-09-04	Active	NO

KEY EXECUTIVES

Name :	Mr. Harshad
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.08.2011

Names of Shareholders	No. of Shares
Animesh Kiritkumar Patel	202400
Gambhirmal Ramanlal Shah	199800
Dineshkumar Ramanlal Shah	100000
Vimlaben Tilokchand Shah	80000
Keshiben Kantilal Shah	160000
Mungiben Jivraj Shah	120000
Nareshkumar Jivraj Shah	160000
Jivraj Chunilal Shah	40000
Harakhchand Ramanlal Shah	100000
Ramanlal Ambaji Shah	120000
Badami Gambhirmal Shah	135000
Ambuja Metal Industries Private Limited	160000
Mahendra Mohanlal Patel	236200
Kiritkumar Mohonlal Patel	120200
Harshad Mhanlal Patel	167200
Arvind Mohanlal Patel	92400
Shobhana Kiritkumar Patel	165300
Varsha Harshad Patel	230600
Rekha Arvind Patel	89000
Kantaben Mahendra Patel	276600

AS ON 16.08.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyestuff.

Products :

Product Description	Item Code
4’4’ Dimino Sulphanilide (DASA)	292100
H. Acid	29222106
Acetanilide	29241001
2’2’5’5’ Tetra Chloro Benzedene	292100

Terms :

Selling :

Cash and Credit [30 and 60 days]

Purchasing :

Cash and Credit [30 and 60 days]

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Dyes and Dye Intermediates	MT	6140.000	2698.650

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

300 [Approximately]

Bankers :

Bank of India, Ahmedabad Corporate Banking Branch, 2^nd Floor, Bank of India Building, Bhadra, Ahmedabad-380001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	116.149	116.770
Working capital loans bank secured [Including buyers credit Rs.27.733 millions]	262.571	255.603
Hire purchase installment payable	0.000	0.416
Total	378.720	372.789
Unsecured Loan
Loans directors unsecured [From shareholder, directors and their relatives]	15.545	8.725
Total	15.545	8.725

Banking Relations :	--
Auditors :
Name :	Shah Kantilal and Company Chartered Accountants
Address :	804, Sharp Building, Opposite Navjivan Press, Near Gujarat Vidhyapith, Navjivan Post, Ahmedabad-380014, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAMFS3865K

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6100000	Equity Shares	Rs.10/- each	Rs.61.000 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		61.000	30.500	30.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		232.892	228.641	211.314
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		293.892	259.141	241.814
LOAN FUNDS
1] Secured Loans		378.720	372.789	280.143
2] Unsecured Loans		15.545	8.725	15.000
TOTAL BORROWING		394.265	381.514	295.143
DEFERRED TAX LIABILITIES		57.973	58.936	55.679
TOTAL		746.130	699.591	592.636
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		348.013	345.621	367.120
Capital work-in-progress		7.879	1.302	0.649
INVESTMENT		0.735	0.698	0.944
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	113.765	118.120	86.483
	Sundry Debtors	279.011	258.289	101.324
	Cash & Bank Balances	8.505	9.230	8.147
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	62.797	77.020	69.671
Total Current Assets		464.078	462.659	265.625
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.233	91.597	24.583
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	31.342	19.092	17.119
Total Current Liabilities		74.575	110.689	41.702
Net Current Assets		389.503	351.970	223.923
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		746.130	699.591	592.636

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1206.057	1042.881	939.984
		Other Income	38.495	45.487	40.724
		TOTAL (A)	1244.552	1088.368	980.708
Less	EXPENSES
		Consumption Materials Changes Inventories	828.922	731.917
		Manufacturing Service Cost	179.992	181.628
		Employee Related Expenses	23.338	21.121	922.312
		Administrative Selling and Other Expenses	73.428	44.212
		Research Development Expenditure	1.784	1.338
		Prior Period Adjustment / Items	(0.565)	(0.745)
		TOTAL (B)	1106.899	979.471	922.312
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		137.653	108.897	58.396
Less	FINANCIAL EXPENSES (D)		41.764	38.066	39.594
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		95.889	70.831	18.802
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.701	36.120	37.594
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		60.188	34.711	(18.792)
Less	TAX (H)		19.538	12.357	(5.671)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		40.650	22.354	(13.121)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		186.737	171.910	191.638
	APPROPRIATIONS
		Transfer to General Reserve	4.500	2.500	0.000
		Dividend	5.335	4.282	5.352
	BALANCE CARRIED TO THE B/S		216.987	186.737	171.910
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	563.696	614.249
	Earnings / (Loss) Per Share (Rs.)		13.14	7.09	(4.71)

Expected Sales (2011-12) : Rs.1500.000 Millions.

The above information has been parted by Mr. Harshad.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.27	2.05	(1.34)
Net Profit Margin (PBT/Sales)	(%)	4.99	3.33	(2.00)
Return on Total Assets (PBT/Total Assets}	(%)	7.41	4.29	(2.97)
Return on Investment (ROI) (PBT/Networth)		0.20	0.13	(0.07)
Debt Equity Ratio (Total Liability/Networth)		1.60	1.90	1.39
Current Ratio (Current Asset/Current Liability)		6.22	4.17	6.37

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. Constitution 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	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	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Building
• Plant and Machinery
• Wind Mill
• Office Equipments
• Furniture and Fixtures
• Vehicles

AS PER WEBSITE DETAILS

PROFILE

Subject is manufacturer and exporter of Specialty Intermediates, Dyestuffs, Pigments, Castor Oil and Functional Chemicals since 1988. It is a Government of India recognized ‘Two Star Export House’ of the multifarious “Ambuja Group”. With its diversified business segments, Subject that has carved a niche in the Intermediates, Dyes, Pigments, Castor Oil, Stainless Steel and Green Power Generation fields.

Since its inception, Subject has grown rapidly in the fields of Organic Intermediates, Dyestuffs, Pigments and Functional Chemicals and today, earns the reputation as one of the top 5 leading Specialty Chemicals Companies in India. Their commitment to absolute quality that transcends beyond every other aspect of our business has constantly harnessed our company to an indefatigable growth.

COMPANY OVERVIEW

There Company was established in 1988 with an objective of setting up a Dye-Intermediates manufacturing unit. They are one of the leading Intermediates and Specialty manufacturing company in Gujarat. They manufacture broad and innovative range of intermediates viz. naphthalene based intermediates, benzene based intermediates, dyestuffs, organic pigments, and specialty intermediates. There products are used in various industries such as leather, textile, paper, electronics, plastics, polymer, and printing.

They have five manufacturing units in the State of Gujarat, India four of which are spread over about 32 acres of land, near Ahmedabad at Village Rajpur (District – Mehsana) in North Gujarat and one manufacturing unit in Vatva – GIDC, Ahmedabad. They commenced their operations in 1988 with an installed capacity of 120 MTPA for manufacturing of Dye Intermediates. Since then, they have been increasing there installed capacity and also been diversifying into manufacture of Speciality Chemicals, Dyestuff And Organic Pigments. Currently their capacity stands at 6140 MTPA.

They provide custom made solutions to various multinational clients on regular basis. Their Custom Synthesis and Toll Manufacturing segments are growing consistently. These segments follow strict confidential arrangements to develop the product as per the prerequisites of the client and its operations are carried out on an exclusive basis. They believe that their experience to deal with multinational client across globe provides them the competitive edge.

Their competency lies in Research and Development (R & D), which results in development and optimization of various products and processes, and continue to improve quality of their product. They have adopted a systematic approach that’s aimed at achieving both near-term manufacturing efficiency gains and long-term competitiveness by leveraging internal resources as well as third party collaborations. They believe that R and D plays vital role in reducing overall cost of manufacturing of their products. Their R and D Team plays an integral role in developing the product right from selection of raw material to the distribution of finished product. Their R and D team has indigenously developed catalytic hydrogenation plant. They have catalytic hydrogenation plants in Gujarat region and the technology used for this plant is unique. The plant is environment friendly and operates on the norms established by the Gujarat Government for environment. They have reduced iron waste output to almost zero with the functioning of this plant.

They are recognised as ‘Two Star Export House’ by the Government of India. Over the last 23 years, they have exported their products to more than 30 countries across globe. Revenue generated from sale from exports is approximately 60% of their total revenue.

Currently they have 3 windmills generating 4MW of power. They are one of the few Dye Intermediate Companies running on Green Power generated from Windmills. Captive consumption of the power generated from windmills results in saving of more than 70% of the power cost which gives them competitive edge.

They believe that pollution control is an integral part of the operations. With the help of existing resources such as adequate infrastructure, ample land, water, power etc they intend to prevent and minimize environmental pollution. They believe that “industrialization and ecology can and should coexist”. In order to ensure environment friendly operations, they recover several by-products such as gypsum, glauber salt and distilled water. The distilled water so recovered is used for recycling in boiler. They have state-of-the-art Zero Effluent Discharge Pollution Treatment Plant with a capacity to handle 500 kl waste water per day. They recover several by-products, liquid and gaseous wastes in order to reduce the treatment load and cost.

They took over Ambuja Solvex Private Limited (“ASPL”), a Company owned and controlled by their Promoters and Promoter Group, in April 2011, by acquiring the entire shareholding of ASPL and it became a wholly owned subsidiary of their Company. ASPL was incorporated in the financial year 2004 and is one of the manufacturers of the cosmetic and pharmaceutical grade Castor Oil and Derivatives. Castor Oil and its derivatives manufacturing facility of ASPL is spread over plot area of 12652 sq. mts. in Village Rajpur (District - Mehsana) in North Gujarat.

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. 55.73
UK Pound	1	Rs. 87.26
Euro	1	Rs. 69.89

INFORMATION DETAILS

Report Prepared by :

BVA

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.