1. Summary Information

		Country	India
Company Name	EXEMPLAR CHEMICALS PRIVATE LIMITED	Principal Name 1	Mr. Jayna Adhia
Status	Moderate	Principal Name 2	Mrs. Suchismita Bhattacharjee
		Registration #	21-115263
Street Address	1 B, Jay Vijay Apartments, 61 B, Palm Avenue, Kolkata – 700001, West Bengal, India
Established Date	19.04.2007	SIC Code	--
Telephone#	91-33-22896203	Business Style 1	Importer
Fax #	91-33-22896203	Business Style 2	Trader
Homepage	Not Available	Product Name 1	Leather Chemicals
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 600,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100%	Banking	The South Indian Bank Limited
Public Limited Corp.	No	Business Period	6 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Related Parties	India	Exemplar Vanijya Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	35,629,000	Current Liabilities	13,670,000
Inventories	13,887,000	Long-term Liabilities	33,319,000
Fixed Assets	1,982,000	Other Liabilities	134,000
Deferred Assets	0,000	Total Liabilities	47,123,000
Invest& other Assets	0,000	Retained Earnings	3,775,000
		Net Worth	4,375,000
Total Assets	51,498,000	Total Liab. & Equity	51,498,000
Total Assets (Previous Year)	49,994,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	91,723,000	Net Profit	1,123,000
Sales(Previous yr)	93.596,000	Net Profit(Prev.yr)	261,000

MIRA INFORM REPORT

Report Date :

14.08.2013

IDENTIFICATION DETAILS

Name :	EXEMPLAR CHEMICALS PRIVATE LIMITED
Formerly Known As :	EXEMPLAR CHEMICALS
Registered Office :	1 B, Jay Vijay Apartments, 61 B, Palm Avenue, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.04.2007
Com. Reg. No.:	21-115263
Capital Investment / Paid-up Capital :	Rs. 0.600 Million
CIN No.: [Company Identification No.]	U24232WB2007PTC115263
TAN No.: [Tax Deduction & Collection Account No.]	CALE02612B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importer and Trader of Leather Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 17500
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has recorded modest scale of business operation. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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/ Corporate Office :	1 B, Jay Vijay Apartments, 61 B, Palm Avenue, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22896203/22896201/22354521
Fax No.:	91-33-22896203
E-Mail :	exem@cal3.vsnl.net.in r_shukla60@yahoo.co.in
Location :	Owned
Factory :	7, Karbala Mohammed Street, Kolkata - 700 001, West Bengal, India,
Tel. No.:	91-33-22354521/ 22354846
Mobile No.:	91-9831048326
Fax No.:	91-33-22215810 / 2225490
E-Mail :	exem@cal3.vsnl.net.in exem@dataone.in
Location :	Rented

DIRECTORS

As on 28.09.2012

Name :

Mr. Jayna Adhia

Designation :

Director

Address :

7 Karbala Mohmmed Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

07.06.1966

Date of Appointment :

19.04.2007

DIN No.:

01218742

Other Directorship:

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	U24232WB2007PLC115263	EXEMPLAR CHEMICALS LIMITED	Director	19/04/2007	19/04/2007	-	Active	NO
2	U24100WB2006PLC108083	EXEMPLAR VANIJYA LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO

Name :

Mrs. Suchismita Bhattacharjee

Designation :

Director

Address :

47, PO Regent Park, Kolkata – 700040, West Bengal, India

Date of Birth/Age :

23.07.1981

Date of Appointment :

01.12.2009

DIN No.:

02853569

Name :

Mr. Jignesh Adhia

Designation :

Director

Address :

37, Ramesh Mitra Road, Flat No. 2 B, 2^nd Florr, Bhowanipor, Kolkata – 700025, West Bengal, India

Date of Birth/Age :

06.10.1973

Date of Appointment :

19.04.2007

DIN No.:

01963459

Other Directorship:

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	U24232WB2007PLC115263	EXEMPLAR CHEMICALS LIMITED	Director	19/04/2007	19/04/2007	-	Active	NO
2	U24100WB2006PLC108083	EXEMPLAR VANIJYA LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO

Name :

Mr. Utpal Ramniklal Adhia

Designation :

Director

Address :

29/13, Doveland Court, Ballygunge Park, Block A, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

20.11.1958

Date of Appointment :

19.04.2007

DIN No.:

01963499

Other Directorship:

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	U24232WB2007PLC115263	EXEMPLAR CHEMICALS LIMITED	Director	19/04/2007	19/04/2007	-	Active	NO
2	U24100WB2006PLC108083	EXEMPLAR VANIJYA LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
3	U74999WB2011PTC163623	LUCKY STORES PRIVATE LIMITED	Director	11/06/2011	11/06/2011	-	Active	NO

Name :

Mr. Bichira Kumar Sukla

Designation :

Director

Date of Birth/Age :

10.06.1982

Date of Appointment :

01.04.2012

DIN No.:

05237012

MAJOR SHAREHOLDERS

As on 28.09.2012

Names of Shareholders	No. of Shares	% of Holdings
Jayna Adhia	20998	34.996
Jagdish Rasiklal Sonpal	2	0.003
Jignesh Adhia	8998	14.997
Utpal Ramniklal Adhia	29999	49.998
Utpal Adhia HUF	1	0.002
Pallavi Adhia	1	0.002
Virendra Adhia HUF	1	0.002
Total	60000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Trader of Leather Chemicals.

Products :

Product Description	ITC Code
Acetic Acid	291521
Borax	383699
Butyle Acetate	284011

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The South Indian Bank Limited, Vaishno Chambers, 6 Brabourne Road, First Floor, Kolkata – 700001, West Bengal, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
The South Indian Bank Limited (Secured by way of lien on fixed deposits including deposits held in the name of Directors)	0.399	0.355
Reliance Capital Limited (Secured by way of hypothecation of car)	0.000	0.151
Total	0.399	0.506

Note :

1. Secured Loan against lien of fixed deposit is reviewed on year to year basis by the bank
2. The scheduled maturity of the Long-term borrowings is summarized as under:

Secured Loan repayable	31.03.2012	31.03.2011
The South Indian Bank Limited (In the first year)	0.000	0.103
Reliance Capital Limited (In the first year)	0.151	0.238
Reliance Capital Limited (In the second year)	0.000	0.151
Total	0.151	0.492

Banking Relations :	--
Auditors :
Name :	Rohit Shukla and Associates Chartered Accountants
Address :	"B" Block, 7th Floor, India House, 69, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India
PAN No.:	ALTPS5341Q
Related Parties :	Exemplar Vanijya Limited

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs. 10/- each	Rs. 0.600 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.600	0.600
(b) Reserves & Surplus	3.775	2.652
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4.375	3.252
(3) Non-Current Liabilities
(a) long-term borrowings	0.399	0.506
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.399	0.506
(4) Current Liabilities
(a) Short term borrowings	32.920	32.161
(b) Trade payables	10.768	12.860
(c) Other current liabilities	2.902	1.215
(d) Short-term provisions	0.134	0.000
Total Current Liabilities (4)	46.724	46.236
TOTAL	51.498	49.994
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.979	2.248
(ii) Intangible Assets	0.003	0.004
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1.982	2.252
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	13.887	13.248
(c) Trade receivables	32.073	31.378
(d) Cash and cash equivalents	0.693	0.898
(e) Short-term loans and advances	2.519	1.840
(f) Other current assets	0.344	0.378
Total Current Assets	49.516	47.742
TOTAL	51.489	49.994

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.600
2] Share Application Money		0.000
3] Reserves & Surplus		2.391
4] (Accumulated Losses)		0.000
NETWORTH		2.991
LOAN FUNDS
1] Secured Loans		1.243
2] Unsecured Loans		17.785
TOTAL BORROWING		19.028
DEFERRED TAX LIABILITIES		0.000
TOTAL		22.019
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.540
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.942
	Sundry Debtors	26.267
	Cash & Bank Balances	0.865
	Other Current Assets	0.000
	Loans & Advances	5.493
Total Current Assets		48.567
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.559
	Other Current Liabilities	4.568
	Provisions	1.029
Total Current Liabilities		29.156
Net Current Assets		19.441
MISCELLANEOUS EXPENSES		0.068
TOTAL		22.019

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	91.723	93.596	95.740
		Increase/(decrease) in stock	0.000	0.000	(0.140)
		Other Income	1.637	0.646	0.437
		TOTAL (A)	93.360	94.242	96.037
Less	EXPENSES
		Purchase of stock-in-trade-traded goods	76.519	75.084	78.264
		Changes in Inventories of Stock-in-trade	(0.639)	2.694	0.000
		Employee Benefits Expense	5.699	5.147	0.000
		Operating Expenses	0.000	0.000	3.864
		Employees Remuneration and welfare expenses	0.000	0.000	5.172
		Administrative Expenses	0.000	0.000	1.789
		Marketing Expenses	0.000	0.000	2.172
		Other Expenses	5.892	6.642	0.000
		TOTAL (B)	87.471	89.567	91.261
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.889	4.675	4.776
Less	FINANCIAL EXPENSES (D)		3.835	3.786	3.326
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.054	0.889	1.450
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.387	0.430	0.369
	PROFIT BEFORE TAX (E-F) (G)		1.667	0.459	1.081
Less	TAX (H)		0.544	0.198	0.449
	PROFIT AFTER TAX (G-H) (I)		1.123	0.261	0.632
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.752	1.491	0.859
	BALANCE CARRIED TO THE B/S		2.875	1.752	1.491
	Earnings Per Share (Rs.)		18.71	4.35	10.54

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.20	0.28	0.66
Net Profit Margin (PBT/Sales)	(%)	1.82	0.49	1.13
Return on Total Assets (PBT/Total Assets}	(%)	3.37	0.96	2.12
Return on Investment (ROI) (PBT/Networth)		0.38	0.14	0.36
Debt Equity Ratio (Total Debt /Networth)		7.62	10.04	6.36
Current Ratio (Current Asset/Current Liability)		1.06	1.03	1.67

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	No
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	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans (Payable on demand)
Inter-corporate
Exemplar Vanijya Limited*	25.836	27.933
Directors
Jayna Adhia	1.028	0.515
Suchismita Bhattacharjee	0.150	0.000
Utpal Adhia	5.906	3.713
Total	32.920	32.161

*Company wherein some of the directors are common

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10389755	08/11/2012	4,000,000.00	THE SOUTH INDIAN BANK LIMITED	VAISHNO CHAMBERS, 6 BRABOURNE ROAD, FIRST FLOOR, KOLKATA, West Bengal - 700001, INDIA	B63247878

FIXED ASSETS:

• Air Conditioners
• Fire Extinguisher
• Stitching Machine
• Weighing Machine
• Electric Installation
• Office Furniture
• Motor Car
• Motor Cycle
• Office Equipment
• Mobile Phone
• Office Appliances
• Typewriter
• Fax Machine
• Computer Software

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 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. 61.43
UK Pound	1	Rs. 95.08
Euro	1	Rs. 81.78

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.