MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	ANUPAM RASAYAN INDIA LIMITED
Registered Office :	Plot No. 8110, GIDC Industrial Estate, Sachin, District Surat-394230. Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.09.2003
Com. Reg. No.:	04-042988
Capital Investment / Paid-up Capital :	Rs. 100.000 millions
CIN No.: [Company Identification No.]	U24231GJ2003PLC042988
TAN No.: [Tax Deduction & Collection Account No.]	SRTA01589A
PAN No.: [Permanent Account No.]	AAECA4575D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Specialty Chemicals.
No. of Employees :	310 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1313000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. 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.

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Afzal Malkani
Designation :	C.A.
Contact No.:	91-9825242548
Date :	21.11.2012

LOCATIONS

Registered Office/ Factory 1 :	Plot No.8110, GIDC Industrial Estate, Sachin, District Surat – 394230, Gujarat, India
Tel. No.:	91-261-2398991/ 2398993/ 94/ 95
Mobile No.:	91-9825123708 (Mr. Anand)
Fax No.:	91-261-2398996/ 2475709
E-Mail :	anand@anupanrasayan.com office@anupamrasayan.com exports@anupamrasayan.com afzalmalkani@gmail.com
Website :	http://www.anupamrasayan.com
Area :	9000 sq. ft.
Location :	Owned
Factory 2 :	No. 2-701 GIDC, Sachin, Surat- 394230, Gujarat, India
Area :	6000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mrs. Hansaben Sureshchandra Desai
Designation :	Director
Address :	5, Janatanagar, Opposite Kapadia Health Club, New Civil Road, Surat-395003, Gujarat, India
Date of Birth/Age :	18.11.1944
Qualification:	B.Com
Date of Appointment :	30.09.2003
DIN No.:	00038423
Name :	Mr. Ashwin Jayantilal Desai
Designation :	Managing Director
Address :	40, Jal Darshan Society, Near Umrigar School, Umra, Surat – 395007, Gujarat, India
Date of Birth/Age :	18.09.1951
Qualification:	Chemical Engineer
Date of Appointment :	30.09.2003
DIN No.:	00038386
Name :	Mr. Anand Sureshchandra Desai
Designation :	Managing Director
Address :	5, Janata Nagar, Opposite Kapadia Health Club, New Civil Road, Surat- 395003, Gujarat, India
Date of Birth/Age :	12.12.1973
Qualification:	B.Sc., PGDBA
Date of Appointment :	30.09.2003
DIN No.:	00038442
Name :	Mrs. Purnima Ashwin Desai
Designation :	Director
Address :	40,Jaldarshan Society, Near Umrigar School, Umra, Surat – 395007, Gujarat, India
Date of Birth/Age :	24.01.1954
Qualification:	B.Com
Date of Appointment :	30.09.2003
DIN No.:	00038399
Name :	Mrs. Mona Anandbhai Desai
Designation :	Director
Address :	5, Janatanagar, Opposite Kapadia Health Club, New Civil Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	12.10.1975
Qualification:	B.Sc.
Date of Appointment :	30.09.2003
DIN No.:	00038429
Name :	Mr. Rohan Ashwin Desai
Designation :	Director
Address :	40, Jaldarshan Society, Near Umrigar School, Umra, Surat- 395007, Gujarat, India
Date of Birth/Age :	16.09.1979
Qualification:	B.Com
Date of Appointment :	01.08.2004
DIN No.:	00038379

KEY EXECUTIVES

Name :	Mr. Afzal Malkani
Designation :	C.A.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Hansaben Desai	270313
Anand Desai	1515625
Mona Desai	828125
Purnima Desai	1031250
Ashvin Desai	1750000
Rohan Desai	656250
Aman Desai	671875
Bharatkumar Desai	78125
Sarojini Dalal	117187
Meenaben Desai	46875
Ashwin Desai	242188
Rehash Industrial and Resin Chemicals Private Limited, India	1062500
Shraddha Anand Desai	1729687
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	10.62
Directors or relatives of Directors	89.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Specialty Chemicals.
Products :	Diphenyl Ethers Benzimidazolones Halogenated Phenols Bis(acetoacetamido)benzenes Phenylene Diamines Benzanilides Bis(phenoxy)ethanes Bis(aminophenoxy)benzenes Alkyl Benzoates Benzene Sulfonic Esters
Exports :
Products :	Chemicals
Countries :	· UK · China · Germany
Imports :
Products :	Raw Material
Countries :	· Japan · China · Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Specialty Chemicals	MT	5850	5850	2971.88

GENERAL INFORMATION

Suppliers :

Aarti Industries, Mumbai

Customers :

End Users

· Bayer Group Company, Germany

No. of Employees :

310 (Approximately)

Bankers :

· Bank of India

Bank of India Building, 1st Floor, Nr BSNL Office, Opp PanjraPole, Ghoddod Road, Suirat - 395001, Gujarat, India

· Yes Bank Limited, Surat, Gujarat, India

· Standard Chartered Bank, Surat, Gujarat, India

· HDFC Bank, Surat, Guajarat, India

Facilities :

Rs. 730.000 millions (From Bank of India)

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	104.079	104.143
Working capital loans banks secured	421.157	348.915
Total	525.236	453.058
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans directors unsecured	16.352	11.175
Other debt unsecured	14.324	27.392
Total	30.676	38.567

Banking Relations :	--
Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountants
Address :	1^st Floor, River Palace – II, Near Navdi Ovara, Nanpura, Surat – 395001, Gujarat, India
Tel No.:	91-261-3057777/ 2465585
Fax No.:	91-261-3995511
Email :	vepari@youtele.com
PAN No.:	AADFN5448E
Name :	Chartered Accountants

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 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		100.000	80.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		228.423	175.492	106.964
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		328.423	255.492	186.964
LOAN FUNDS
1] Secured Loans		525.236	453.058	387.344
2] Unsecured Loans		30.675	38.568	43.197
TOTAL BORROWING		555.911	491.626	430.541
DEFERRED TAX LIABILITIES		34.338	29.316	25.062
TOTAL		918.672	776.434	642.567
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		453.583	399.068	334.846
Capital work-in-progress		5.083	5.083	2.325
INVESTMENT		14.453	14.453	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	415.217	260.180	247.348
	Sundry Debtors	132.483	159.095	109.535
	Cash & Bank Balances	6.213	4.733	6.046
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	126.032	70.398	48.658
Total Current Assets		679.945	494.406	411.587
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	152.559	111.364	89.591
	Other Current Liabilities	41.827	2.306	10.821
	Provisions	40.006	22.906	15.883
Total Current Liabilities		234.392	136.576	106.295
Net Current Assets		445.553	357.830	305.292
MISCELLANEOUS EXPENSES		0.000	0.000	0.104
TOTAL		918.672	776.434	642.567

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	1072.166
		Other Income	0.046
		TOTAL (A)	1072.212
Less	EXPENSES
		Consumption materials changes inventories	601.221
		Manufacturing service costs	153.586
		Employee related expenses	50.586
		Administrative selling other expenses	71.304
		TOTAL (B)	876.697
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		195.515
Less	FINANCIAL EXPENSES (D)		62.893
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		132.622
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.340
	PROFIT BEFORE TAX (E-F) (G)		104.282
Less	TAX (H)		31.351
	PROFIT AFTER TAX (G-H) (I)		72.931
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		175.492
	BALANCE CARRIED TO THE B/S		248.423
	EARNINGS IN FOREIGN CURRENCY		815.022
	IMPORTS		NA
	Earnings Per Share (Rs.)		7.29

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	971.834	727.053
		Jobwork Income	0.224	1.410
		Other Income	0.250	8.576
		TOTAL (A)	972.308	737.039
Less	EXPENSES
		Increase/ (Decrease) in Finish Goods Stock	3.643	7.634
		Consumption of Raw Materials	573.626	429.498
		Manufacturing and Other Expenses	118.944	78.899
		Payment and Benefits to Employees	24.524	17.327
		Administrative and Other Expenses	30.657	20.979
		Selling and Distributors Expenses	18.946	18.829
		Preliminary Expenses	0.105	0.105
		Loss on Sale of Fixed Assets	0.417	0.000
		Foreign Exchange Rate Difference	20.536	44.286
		TOTAL (B)	791.398	617.557
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		180.910	119.482
Less	FINANCIAL EXPENSES (D)		64.281	61.116
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		116.629	58.366
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.625	19.629
	PROFIT BEFORE TAX (E-F) (G)		93.004	38.737
Less	TAX (H)		24.476	11.410
	PROFIT AFTER TAX (G-H) (I)		68.528	27.327
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		106.964	79.637
	BALANCE CARRIED TO THE B/S		175.492	106.964
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	624.357	539.124
	TOTAL EARNINGS		624.357	539.124
	IMPORTS
		Raw Materials	201.203	152.476
		Capital Goods	0.000	0.000
	TOTAL IMPORTS		201.203	152.476
	Earnings Per Share (Rs.)		8.57	3.42

Particulars	31.03.2012
Sales Turnover (Approximately)	1350.000

Expected Sales (2012-2013) : Rs. 1500.000 millions

The above information has been parted by Mr. Afzal Malkani (C.A.)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.80	7.05	3.71
Net Profit Margin (PBT/Sales)	(%)	9.73	9.57	5.33
Return on Total Assets (PBT/Total Assets}	(%)	9.20	10.41	5.19
Return on Investment (ROI) (PBT/Net worth)		0.32	0.36	0.21
Debt Equity Ratio (Total Liability/Net worth)		2.41	2.46	2.87
Current Ratio (Current Asset/Current Liability)		2.90	3.62	3.87

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Creditor due small micro enterprises	0.000	111.364	89.591
Creditor due Others	152.559
Total	152.559	111.364	89.591

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADE REFERENCE:

· Bayer Group Company, Germany

· Aarti Industries, Mumbai

PERFORMANCE:

During the year, Sales Revenue of company has grown to Rs. 1072.166 millions compared to 972.058 (YoY). During the year, Company has earned net profit of Rs. 729.31 compared to 68.528 millions (YoY). Company has issued bonus shares in the ratio of 1:4 and capitalizes its reserves. During the year, Company has earned EPS of Rs. 8.81. The business environment in the domestic and international market has remained very challenging. Sovereign crisis in EURO region, unrest in Middle East Asia, Tepid Growth in USA and growth moderation in BRIC countries has added to the domestic challenges in India viz. stubbornly high inflation, High Interest Rate regime and unearthed of scams. In spite of all macro and micro headwinds, Performance of Company has remained satisfactory. The revenue growth from the domestic segment and other countries has remained very healthy albeit the neutral to negative growth in revenue in euro segment has been a cause of concern. The satisfactory performance of company is mainly attributable to the hard efforts put in to improve the operational efficiency at the manufacturing and processing level, constant efforts to improve the quality of production and inclusion of new verticals in product portfolio and product mix, effective measures to contain the cost pressure by reduction of wastages. The directors are confident that Company will maximize the wealth of its valued shareholders with constant efforts to maintain its growth and profitability.

FUTURE OUTLOOK:

The company’s performance will improve substantially with good export orders position on hand. The company is having ISO 9001 and ISO 14000 certificate and star export house status. Looking to the continuous control over the quality and in house R and D, the directors are confident that there is good growth potential for the Company in the domestic market as well as in export front company has achieved good turnover. The directors hope relentless commitment of the company towards productivity, efficiency and control over the cost will result in better performance of the company and increasing reward to the shareholders of the company in the future years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24231GJ2003PLC042988
Name of the company	ANUPAM RASAYAN INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 8110, GIDC Industrial Estate, Sachin, District Surat-394230. Gujarat, India Email: office@anupamrasayan.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge Others (Stocks)
Particular of charge holder	Bank of India Bank of India Building, 1st Floor, Nr BSNL Office, Opp PanjraPole, Ghoddod Road, Suirat - 395001, Gujarat, India Email: SuratMCB.Vadodara@bankofindia.co.in
Nature of instrument creating charge	IFD - 010 - Hypothecation of Stock, Book Debts, Plant and Machinery
Date of instrument Creating the charge	17.07.2012
Amount secured by the charge	Rs. 40.000 Milllions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest WC limit: 5.50% over Base Rate, presently 16.00% p.a. with monthly rests EPC: As per extant guidelines Terms of Repayment on demand Margin 25% for Stock 40% for book debts Extent and Operation of the charge first and exclusive charge of BOI
Short particulars of the property or asset(s) charged (including complete address and location of the property)	entire current assets of the Company situated in Factory at 701, 8109,8110 and 8111 - GIDC Sachin, Surat 394230

FIXED ASSETS

· Office Equipments

· Mobile

· Generator

· Vehicles

· Laboratory Equipments

· Plot

· Tractor

· VSNL-V-SAT

· Furniture and Fixture

· Fire Extinguisher

· Factory Building

· Electric Fitting and Fixture

· Cycle

· Computer

· Motor Car

· Gas Train Installation

· Water Pollution Plant

· Land

· Industrial Shed

· Factory Equipment

· Air Conditioners

· Machinery Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime:

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws:

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards:

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report:

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.