MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	AIMCO PESTICIDES LIMITED
Registered Office :	B-1/1, MIDC Industrial Area, Lote Parshuram, Village Awashi, Taluka Khed, Ratnagiri – 415707, Maharashtra
Country :	India
Financials (as on) :	30.09.2012 (18 Months)
Date of Incorporation :	12.08.1987
Com. Reg. No.:	11-044362
Capital Investment / Paid-up Capital :	Rs.92.365 Millions
CIN No.: [Company Identification No.]	L24210MH1987PLC044362
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing and Trading in Agrochemical Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The net worth of the company is completely eroded. There appear huge accumulated losses recorded by the company which exceeds the net worth. It has been incurring loss from its operations from past some years. The company management has formulated a plan for its revival by exploring new market for the products of the company on one hand and negotiating for early resolution of one time settlement plan submitted to its principal banker, State Bank of India. RBI has defaulted the subject company as on 31^st March 2012. However, business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and secured 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

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under:

Borrowers’ Name :	AIMCO PESTICIDES LIMITED
Address :	B-1/1 MIDC Industrial Area, Lote Parshuram, Village Awashi, Taluka Khed, Ratnagiri, Maharashtra India
Name of Individual :	Mr. Asif P. Dave Mr. Bharat Hariharbhai Pandya Mrs. E. P. Shrivastava Mr. Kaja Ramgopal Mr. Pradeep P. Dave Mr. Samir P. Dave
Name of Credit Grantors / Bank & Branch:	State Bank of India, SAMB, Mumbai, Maharashtra, India
Amount (Rs. In Millions) :	Rs.187.069

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 DECLINED BY

Name :	Ms. Priya
Designation :	Accountant
Contact No.:	91-22-67604000
Date :	01.02.2013

LOCATIONS

Registered Office/ Factory :	B-1/1, MIDC Industrial Area, Lote Parshuram, Village Awashi, Taluka Khed, Ratnagiri – 415707, Maharashtra, India
Tel. No.:	91-2352-272136/ 37/ 38
Fax No.:	91-2352-272138
E-Mail :	apd@aimcopesticides.com eps@aimcopesticides.com spd@aimcopesticides.com jns@aimcopesticides.com hiren@aimcopesticides.com priya@aimcopesticides.com
Website :	http://www.aimcopesticides.com
Head Office :	Akhand Jyoti, 8^th Road, Santacruz (East), Mumbai -400055, Maharashtra, India
Tel. No.:	91-22-26163744/ 45/ 46 / 67604000
Fax No.:	91-22-26116736/ 26117761/ 67604060/ 67604070
E-Mail :	aimco@vsnl.com

DIRECTORS

(AS ON 31.03.2012)

Name :	Mr. Pradeep Dave
Designation :	Managing Director
Name :	Mr. Ramgopal Kaja
Designation :	Director
Name :	Mr. Ashit P. Dave
Designation :	Executive Director
Date of Birth/Age :	06-01-1971
Qualification :	B.Com, IIM
Date of Appointment :	20-08-1996
Directorship in other Company :	Amisco Agro - Chem Limited
Name :	Dr. Samir P. Dave
Designation :	Executive Director

KEY EXECUTIVES

Name :	Ms. Priya
Designation :	Accountant
Name :	Ms. Priya Surati
Designation :	Compliance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.12.2012)

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1247886	13.51
Bodies Corporate	3418045	37.01
Sub Total	4665931	50.52
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4665931	50.52
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3000	0.03
Financial Institutions / Banks	100	0.00
Foreign Institutional Investors	3600	0.04
Sub Total	6700	0.07
(2) Non-Institutions
Bodies Corporate	206043	2.23
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3095427	33.51
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1161643	12.58
Any Others (Specify)	100769	1.09
Clearing Members	15848	0.17
Non Resident Indians	80686	0.87
Trusts	1000	0.01
Directors & their Relatives & Friends	3235	0.04
Sub Total	4563882	49.41
Total Public shareholding (B)	4570582	49.48
Total (A)+(B)	9236513	100.00
(c) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	--	--
(2) Public	--	--
Sub Total	--	--
Total (A)+(B)+(C)	9236513	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading in Agrochemical Products.

Products :

Products Description	Item Code No.
Pesticides / Insecticides	3808

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India

Facilities :

Secured Loans	30.09.2012 (18 Months)	31.03.2011
	(Rs. In Millions)
Loans repayable on demand - From Company	26.589	26.589
Total	26.589	26.589

Banking Relations :	--
Auditors :
Name :	Contractor Nayak and Kishnadwala Chartered Accountant
Address :	5th Floor, Narian Chamber, M.G. Road, Vile Parle (East), Mumbai 400 057, Maharashtra, India
Associates/Subsidiaries :	· Amisco Agrochem Limited · Aimco Investment Private Limited · Aurnagabad Oil Extraction Company Private Limited · All India Medical Corporation

CAPITAL STRUCTURE

(AS ON 30.09.2012)

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
9236513	Equity Shares	Rs.10/- Each	Rs.92.365 millions

(i) There is no change in issued and paid up share capital during the year.

(ii) Details of shares held by each shareholder holding more than 5% shares:

Particulars	30 September, 2012
	Number of shares held	% held
Equity shares with voting rights
Excel Crop Care Limited	2,330,120	25.23%
Aimco Investment Private Limited	546,345	5.92%
Pradeep P Dave	529,954	5.74%

(iii) Terms/rights attached to equity shares

The Company has only one class of share referred to as equity shares having a par value of Rs.10 Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be proportionate to the number of equity shares held by the share holders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2012 (18 Months)	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		92.365	92.365	92.365
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(169.217)	(82.856)	(21.952)
NETWORTH		(76.852)	9.509	70.413
LOAN FUNDS
1] Secured Loans		26.589	26.589	264.448
2] Unsecured Loans		15.196	27.814	59.613
TOTAL BORROWING		41.785	54.403	324.061
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		(35.067)	63.912	394.474
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.300	44.980	50.743
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	30.696	24.459
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	318.851	149.454	152.070
	Sundry Debtors	317.029	44.278	248.043
	Cash & Bank Balances	6.430	7.733	6.522
	Other Current Assets	233.827	197.643	0.000
	Loans & Advances	44.413	31.318	62.099
Total Current Assets		920.550	430.426	468.734
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	453.246	118.042	95.151
	Other Current Liabilities	525.216	313.955	46.620
	Provisions	18.455	10.193	7.691
Total Current Liabilities		996.917	442.190	149.462
Net Current Assets		(76.367)	(11.764)	319.272
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(35.067)	63.912	394.474

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2012 (18 Months)	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	1986.154	489.931	272.727
		Other Income	20.449	1.430	(0.148)
		TOTAL (A)	2006.603	491.361	272.579
Less	EXPENSES
		Cost of materials consumed	1540.884	371.571	114.504
		Purchases of stock-in-trade	279.901	57.950	94.615
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(89.997)	11.214	4.798
		Employees' benefits expense	29.317	14.696	8.459
		Other expenses	245.433	67.145	45.009
		TOTAL (B)	2005.538	522.576	267.385
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.065	(31.215)	5.194
Less	FINANCIAL EXPENSES (D)		48.170	29.174	27.289
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(47.105)	(60.389)	(22.095)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.560	6.751	6.804
	PROFIT BEFORE TAX (E-F) (G)		(55.665)	(67.140)	(28.899)
Less	TAX (H)		(30.695)	6.235	(4.588)
	PROFIT AFTER TAX (G-H) (I)		(86.360)	(60.905)	(24.311)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(165.824)	(104.919)	(80.608)
Less	APPROPRIATIONS
		Transfer to General Reserve	3.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		(249.184)	(165.824)	(104.919)
	EARNINGS IN FOREIGN CURRENCY		611.205	236.915	158.145
	IMPORTS
		Raw Materials	1216.840	275.036	79.258
		Purchases of stock-in-trade	219.931	0.000	0.000
		Plant & Equipments	0.568	0.000	0.000
	TOTAL IMPORTS		1437.339	275.036	79.258
	Earnings Per Share (Rs.)		(9.35)	(6.59)	(2.63)

KEY RATIOS

PARTICULARS		30.09.2012 (18 Months)	31.03.2011	31.03.2010
PAT / Total Income	(%)	(4.30)	(12.40)	(8.92)
Net Profit Margin (PBT/Sales)	(%)	(2.80)	(13.70)	(10.60)
Return on Total Assets (PBT/Total Assets}	(%)	(5.79)	(14.12)	(5.56)
Return on Investment (ROI) (PBT/Networth)		0.72	(7.06)	0.41
Debt Equity Ratio (Total Debt/Networth)		(0.54)	5.72	4.60
Current Ratio (Current Asset/Current Liability)		0.92	0.97	3.14

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	No
8]	No. of employees	No
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	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	No
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	30.09.2012 (18 Months)	31.03.2011
	(Rs. In Millions)
Fixed Deposits	1.704	5.185
Loans repayable on demand - From Company	--	1.539
Loans and advances from related parties	8.470	10.721
Deposits	5.022	10.369
Total	15.196	27.814
NOTE: · Fixed Deposits from public and shareholders carry interest @ 11% p.a. and are repayable after 2 and 3 years from the date of deposit. · Loan is secured by a first mortgage on all the Company's immoveable properties both present and future, located at Lote Parshuram and first charge by way of hypothecation of all the Company's moveable’s (save and except book debts) including moveable machinery, machinery spares, tools and accessories, both present and future.

FINANCIAL HIGHLIGHTS

Considering, the present net worth of the Company which is being fully eroded, Company management has formulated a plan for its revival. The Plan includes on one hand exploration of new market for the products of the Company and on the other pursuing and negotiating for early resolution of one time settlement (OTS) plan submitted to the State Bank of India, the principal banker of the Company. Based on this negotiation, held so far, company's management is confident of obtaining a waiver of past interest and a rescheduling of repayment of the balance amount of principal outstanding.

Further pursuant to section 23(1) (b) of the SICA (SP) Act, 1985 read with accumulated losses of the Company which being exceeded more than 50% of the peak net worth, a report of the Directors thereon, as adopted by Board, would be sent separately to members.

OPERATIONS:

On account of variation of periodicity of financial statement of current year and that of last year, the figures are not absolutely comparable during the period, the Company has enhanced its business operations significantly. The Management has committed to enhance business operations by adding new line of business activity to sustain market volatility. The Company has attempted to capture untapped foreign markets with new product line and as result volume of sales would see momentum in succeeding years. Under given challenging circumstances, aided by the positive response received towards company management's efforts to increase the sales, the directors are hopeful of smooth execution of the revival plan as and when rolled out in future. With above refereed background, company has prepared financial statements on "Going Concern basis".

The Company has recorded a turnover of Rs.1986.153 Millions, during FY 2011-12, consisting of 18 months period, a healthy sign of business growth of as compared to Rs.489.932 Millions in previous period of twelve months.

CURRENT YEAR OUTLOOK

The Company has continued focusing on registering, orienting more products in its own brand name in exports market. It's company's endeavor to develop new markets as well as concentrating more on improvement of volume of its sales in current market so the sale can be maximized. On account of new export registrations, the Company expects growth in the export sales in the coming year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE & DEVELOPMENT

In India, agriculture sector is principal source of livelihood of more that 58% of the population. To supplement such sector the company is primarily engaged in the business of agrochemicals. The overall performance of the Indian Agrochemical Industry is largely dependent on development of farming sector vis-a-vis timely arrival of mansoon. The year, witnessed the healthy growth of the overall Indian Agrochemical market backed by higher commodity prices leading to better farm income. With pattern of globalization, in Indian agrochemicals industry too has seen growing interest of multinational in this sector, apart from entry of few Indian Companies. The MNCs have focused on high-end specialty products whereas Indian players have focused on generic and off-patent products.

The economic scenario, tagged by higher inflation rate, posed challenges to farm labours due to the progressive government policies and economic growth of the rural India. The competition in export market was intense and the strengthening of rupee has eroded the margins. The Company will continue to focus on cost control mechanism and cost effective measures supplemented by dedicated and specified thrust to Branded formulation export.

OUTLOOK:

The business outlook for the current year is very optimistic due to the good progress of the monsoon in India. Sales from the many new Indian and exports markets are expected this year due to the new registrations, approvals obtained. The Company is positive towards its progress in near future. The companies are increasingly training farmers regarding the right use of agrochemicals in terms of quantity, application and appropriateness for pest problems. With increasing awareness, the use of agrochemicals is expected to increase.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE.

The financial performance of the company has been steadily improving throughout the year. During the year, (consisting of eighteen months period), although not comparable, there has been an increase in sales from. Rs.489.931 Millions to Rs.1986.153 Millions. The Company suffered loss of Rs. of Rs.50.414 Millions before considering reversal of deferred tax of Rs.30.695 Millions during period as compared to the last year's loss Rs.66.643 Millions.

The key objectives of future financial strategy of the company are

· To raise cost efficient funds for the growth plans of the company

· To provide financial flexibility in the Balance sheet for Contingencies

· To manage Foreign Exchange exposure effectively

· To develop strategy to focus on EPS accretion.

CONTINGENT LIABILITIES

Particulars	30.09.2012 (18 Months)	31.03.2011
	(Rs. In Millions)
Claims against the Company not acknowledged as debt	12.619	3.107

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer 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 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.53.32
UK Pound	1	Rs.84.60
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		18

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	-

7

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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.