1. Summary Information

		Country	India
Company Name	Hercules Pigments Private Limited	Principal Name 1	Ms. Swetal Narendra Desai
Status	Satisfactory	Principal Name 2	Mrs. Vatsala Narendra Desai
		Registration #	11-171238
Street Address	402, Peninsula Heights, C D Barfiwala Marg, Juhu Lane, Andheri (West), Maharashtra, India
Established Date	31.05.2007	SIC Code	--
Telephone#	91-22-26248426/ 26252235/ 42435353	Business Style 1	Manufacturing
Fax #	91-22-26249393	Business Style 2	Marketing
Homepage	www.@herculespigment.com	Product Name 1	Organic
# of employees	30 (Approximately)	Product Name 2	Inorganic Pigments
Paid up capital	Rs.1,850,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors -59.73%, Other top fifty shareholders- 40.27%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	5 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
Related Party	--	Hercules Exports	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	95,342,000	Current Liabilities	56,632,000
Inventories	25,840,000	Long-term Liabilities	82,832,000
Fixed Assets	63,549,000	Other Liabilities	8,967,000
Deferred Assets	0,000	Total Liabilities	148,431,000
Invest& other Assets	29,000	Retained Earnings	34,479,000
		Net Worth	36,329,000
Total Assets	184,760,000	Total Liab. & Equity	184,760,000
Total Assets (Previous Year)	160,193,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales (Gross Receipts)	373,755,000	Net Profit	13,006,000
Sales(Previous yr) (Gross Receipts)	318,277,000	Net Profit(Prev.yr)	12,197,000

MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	HERCULES PIGMENTS PRIVATE LIMITED
Registered Office :	402, Peninsula Heights, C D Barfiwala Marg, Juhu Lane, Andheri (West), Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.05.2007
Com. Reg. No.:	11-171238
Capital Investment / Paid-up Capital :	Rs.1.850 Millions
CIN No.: [Company Identification No.]	U24100MH2007PTC171238
TAN No.: [Tax Deduction & Collection Account No.]	MUMH10656C
PAN No.: [Permanent Account No.]	AABCH8689Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of Organic and Inorganic Pigments
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Loan)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	February, 2011

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.

LOCATIONS

Registered Office :	402, Peninsula Heights, C D Barfiwala Marg, Juhu Lane, Andheri (West), Mumbai – 400061, Maharashtra, India
Tel. No.:	91-22-26248426/ 26252235/ 42435353
Fax No.:	91-22-26249393
E-Mail :	info@herculespigment.com info.apdoshi@gmail.com sirash@herculespigment.com sales@herculespigment.com desai.s@herculespigment.com
Website :	www.@herculespigment.com
Area :	2000sq.fts
Location :	Owned
Factory :	Plot No.316-B, Phase 2, GIDC, Vapi – 396195, Maharashtra, India
Tel No.:	91-260-2421836
E-Mail :	kumarsirash@yaho.co.in

DIRECTORS

(AS ON 30.09.2011)

Name :

Ms. Swetal Narendra Desai

Designation :

Director

Address :

214/215, Ramzarukha, S V Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

28.05.1978

Date of Appointment :

31.05.2007

DIN No.:

00260469

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29253MH1985PTC037248	IMPERIAL PHARMACHINES PRIVATE LIMITED	Director	05/09/1997	05/09/1997	10/11/2011	Active	NO
2	U24139MH1992PTC066671	KOEL PHARMA PRIVATE LIMITED	Director	15/12/2000	15/12/2000	10/04/2011	Active	NO
3	U24220MH2003PTC138590	NUTECH COLORS PRIVATE LIMITED	Director	08/01/2003	08/01/2003	-	Active	NO
4	U51496MH2005PTC152670	HERCULES EXPORTS PRIVATE LIMITED	Director	18/04/2005	18/04/2005	-	Active	NO
5	U24100MH2007PTC171238	Hercules Pigments Private Limited	Director	31/05/2007	31/05/2007	-	Active	NO

Name :

Mrs. Vatsala Narendra Desai

Designation :

Director

Address :

214/215, Ramzarukha, S V Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

24.02.1950

Date of Appointment :

31.05.2007

DIN No.:

00260673

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29253MH1985PTC037248	IMPERIAL PHARMACHINES PRIVATE LIMITED	Director	20/02/1997	20/02/1997	10/11/2011	Active	NO
2	U24139MH1992PTC066671	KOEL PHARMA PRIVATE LIMITED	Director	15/12/2000	15/12/2000	10/04/2011	Active	NO
3	U24220MH2003PTC138590	NUTECH COLORS PRIVATE LIMITED	Director	08/01/2003	08/01/2003	-	Active	NO
4	U24100MH2007PTC171238	Hercules Pigments Private Limited	Director	31/05/2007	31/05/2007	-	Active	NO
5	U24100MH2005PTC152669	NITSU CHEMICALS PRIVATE LIMITED	Additional director	07/11/2009	07/11/2009	-	Active	YES

Name :

Mr. Anupam Babubhai Desai

Designation :

Director

Address :

Ramna Falia, Dhamdachha, Taluka Gandevi, District Navsari, Navsari – 396360, Gujarat, India

Date of Birth/Age :

13.10.1962

Date of Appointment :

31.05.2007

DIN No.:

02081417

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Swetal Narendra Desai	74500
Vatsala Narendra Desai	108500
Anupam Babubhai Desai	2000
Total	185000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	59.73
Other top fifty shareholders	40.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Organic and Inorganic Pigments

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Pigments	Not Applicable	1200 m. tones p.a.	1,087,491

GENERAL INFORMATION

No. of Employees :

30 (Approximately)

Bankers :

· Bank of Baroda

Bhat Bazar Branch, Adamji Building, 1^st Floor, 413, Syed Mukri Street, Masji Bandar, Mumbai – 400009, Maharashtra, India

· Citi Bank N. A.

Trent House, 2nd Floor, G Block, Plot No.C-60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051,Maharashtra, India

· ICICI Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank of Baroda (Secured against hypothecation of Stock and Book Debts)	21.136	4.693
Bank of Baroda – Packing credit (Secured against hypothecation of letter of credit)	28.900	22.000
Bank of Baroda – Term Loan (Secured against hypothecation of land, building, plant and machineries)	9.503	13.103
Kotak Mahindra Prime Limited (Secured against hypothecation of car)	3.738	0.941
ICICI Bank (Secured against hypothecation of car)	0.395	--
TOTAL	63.672	40.737
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors, Shareholders and their relatives	19.160	23.254
Inter-corporate Deposits	--	--
TOTAL	19.160	23.254

Banking Relations :

--

Financial Institution :

Kotak Mahindra Prime Limited

Auditors :

Name :

A. P. Doshi and Company

Chartered Accountant

Address :

201, Bhaveshwar Complex, Vidyavihar (West), Mumbai – 400086, Maharashtra, India

Tel No.:

91-22-25146854/ 55

Email :

amit@apdoshi.com

PAN No.:

AACPD3476H

Related Parties :

Name of Parties	Nature of Controls
Hercules Exports	Proprietory concern of a Director
Hercules Exports Private Limited	Concern where director has substantial interest
Koel Pharma Private Limited	Firm where director has substantial interest
Nitsu Chemicals Private Limited	Associate Company under the same management
Staybrite Colors Private Limited	Associate Company
Nutech Colors Private Limited	Associate Company under the same management

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
185000	Equity Shares	Rs. 10/- each	Rs.1.850 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		1.850	1.850	1.850
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.479	25.802	15.768
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.329	27.652	17.618
LOAN FUNDS
1] Secured Loans		63.672	40.737	26.594
2] Unsecured Loans		19.160	23.254	24.661
TOTAL BORROWING		82.832	63.991	51.255
DEFERRED TAX LIABILITIES		1.842	1.886	1.503
TOTAL		121.003	93.529	70.376
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.549	57.712	51.158
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.840	20.512	19.437
	Sundry Debtors	59.632	60.073	21.453
	Cash & Bank Balances	1.978	4.051	0.267
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.732	17.801	9.670
Total Current Assets		121.182	102.437	50.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	52.992	60.254	31.237
	Other Current Liabilities	3.640	1.737	0.415
	Provisions	7.125	4.673	0.016
Total Current Liabilities		63.757	66.664	31.668
Net Current Assets		57.425	35.773	19.159
MISCELLANEOUS EXPENSES		0.029	0.044	0.059
TOTAL		121.003	93.529	70.376

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	GROSS RECEIPTS		373.755	318.277	117.232
Less	EXPENDITURE FOR THE YEAR		354.134	301.491	115.680
	PROFIT BEFORE TAX		19.621	16.786	1.552
Less	PRELIMINARY EXPENSES WRITTEN OFF		0.015	0.015	0.015
Less	TAX		6.600	4.574	1.519
	PROFIT AFTER TAX		13.006	12.197	0.018
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.051	0.018	0.000
Less	APPROPRIATIONS
		Proposed Dividend	4.328	2.164	0.000
	BALANCE CARRIED TO THE B/S		18.729	10.051	0.018
	Earnings Per Share (Rs.)		70.30	65.93	0.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	10.62	10.48	1.52
Return on Investment (ROI) (PBT/Networth)		0.54	0.61	0.08
Debt Equity Ratio (Total Liability/Networth)		4.04	4.72	4.70
Current Ratio (Current Asset/Current Liability)		1.90	1.54	1.60

LOCAL AGENCY FURTHER INFORMATION

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	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	No
10]	Designation of contact person	No
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)	No
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
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	Yes

NOTE:

The registered address of the company has been shifted from C-3, Ratandeep, 140/141, S V Road, Andheri (West), Mumbai – 400 058, Maharashtra, India to present w.e.f. 01.04.2010.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10329883
Corporate identity number of the company	U24100MH2007PTC171238
Name of the company	Hercules Pigments Private Limited
Address of the registered office or of the principal place of business in India of the company	402,Peninsula Heights, C. D. Barfiwala Marg, Juhu Lane, Andheri West, Mumbai – 400058, Maharashtra, India info.apdoshi@gmail.com
Type of charge	Immovable property
Particular of charge holder	Citi Bank N. A. Trent House, 2nd Floor, G Block, Plot No.C-60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Memorandum Recording extension of equitable mortgage to cover credit facilities sanctioned by Citi bank.
Date of instrument Creating the charge	28/03/2012
Amount secured by the charge	Rs.40.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On Demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral consent to Bank of Baroda (BOB) and BOB acting for itself as well as agent of Citibank N.A to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated in Item No.15 as security for repayment of Rs.40.000 Millions by the Company to Citibank, with interest, costs, charges and expenses and all other money whatsoever due and payable thereon. Others The charge created/to be created on Company's immovable property in favour of Bank of Baroda for its Credit facility/ies shall rank on first pari passu basis in favour of Citibank NA without any priority of one over the other for all purposes and to all intents.
Short particulars of the property charged	Immovable property being all that Industrial Plot bearing No.316/B admeasuring 5049 sq.mtrs., in Vapi Notified Industrial Estate, bearing Revenue Survey No.621/P, 622/P, 623/P and 625/P situated lying and being at GIDC Vapi, Taluka Pardi Dist. Valsad, Gujarat State together with building and structures constructed/ being constructed thereon along with fixed plant and machinery erected/to be erected (present and future).
Particulars of the present modification	The Company created a mortgage by deposit of title deeds in respect of its immovable property being lying and situated at GIDC, Valsad (Gujarat) as further security for repayment of monies due and payable under credit facilities of Rs.40.000 Millions sanctioned by Citibank to the Company.

FIXED ASSETS:

· Leasehold Land

· Air Conditioner

· Factory Building

· Electrical Installation

· Motor car

· Scooter

· Office Equipment

· Furniture and Fixture

· Plant and Machinery

· Computer

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.52.38
UK Pound	1	Rs.84.00
Euro	1	Rs.67.99

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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	-

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