MIRA INFORM REPORT

Report Date :

08.07.2013

IDENTIFICATION DETAILS

Name :	GOODEARTH AGROCHEM PRIVATE LIMITED
Registered Office :	Budhraja Centre, Opposite Liberty Cinema, Sadar, Nagpur – 440 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.11.2005
Com. Reg. No.:	11-157468
Capital Investment / Paid-up Capital :	Rs.40.000 millions
CIN No.: [Company Identification No.]	U24200MH2005PTC157468
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Manganese Oxide, Manganese Di Oxide and Manganese Sulphate; with various grades in each product for Animal Feed, Fertilizers, Industrial Applications, Water Treatment etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 275000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financial position of the company is moderate due to low reserves and huge external borrowings. However, the performance capability of the company is satisfactory. Trade relations are fair. Business is active. Payment terms are 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

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/ Head Office :	Budhraja Centre, Opposite Liberty Cinema, Sadar, Nagpur – 440 001, Maharashtra, India
Tel. No.:	91-712-2545279/ 80
Fax No.:	91-712-2532891
E-Mail :	nagpur@goodearthindia.in goodearthagro@gmail.com
Website :	http://goodearthindia.in
Plant 1 :	Manganese Processing Unit Brahamanwada, Nagpur District, Maharashtra, India
Sarigam Office/ Plant 2 :	Manganese Processing Unit Plot No.2908, Chemical Zone, G.I.D.C. Estate, Sarigam - 396 155, Umbergam, District: Valsad, Gujarat, India
Tel. No.:	91-260-2991077
Fax No.:	91-260-2780177
E-Mail :	sarigam@goodearthindia.in

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Pramod Deshraj Budhraja

Designation :

Director

Address :

612, Ashray, New Colony, Nagpur – 440 001, Maharashtra, India

Date of Birth/Age :

19.03.1949

Date of Appointment :

22.11.2005

DIN No.:

00055031

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	U73100MH1999PTC118185	CARBON INSPECT INDIA PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Strike off	NO
2	U14100MH2004PTC144947	BSS MINES AND MINERALS PRIVATE LIMITED	Director	10/03/2004	10/03/2004	-	Active	NO
3	U24200MH2005PTC157468	GOODEARTH AGROCHEM PRIVATE LIMITED	Director	22/11/2005	22/11/2005	-	Active	NO
4	U92410MH1905NPL010248	THE CENTRAL PROVINCES CLUB NAGPUR LIMITED	Director	29/09/2006	29/09/2006	26/09/2008	Active	NO
5	U18101MH1995PTC091264	SOLAR CLOTHINGS PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
6	U14200TZ2008PLC014280	GOOD EARTH INDSIL NATURAL RESOURCES LIMITED	Managing director	12/03/2008	06/03/2008	-	Strike off	NO
7	U51909MH2008PTC181920	ORION MINERALS PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
8	U14200PN2008PTC131410	RESHMIKA MINERALS AND CHEMICALS PRIVATE LIMITED	Director	30/09/2009	08/05/2009	22/08/2011	Active	NO

Name :

Mr. Rishi Pramod Budhraja

Designation :

Director

Address :

612, Ashray, New Colony, Nagpur – 440 001, Maharashtra, India

Date of Birth/Age :

28.10.1981

Date of Appointment :

22.11.2005

DIN No.:

00375556

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	U14100MH2004PTC144947	BSS MINES AND MINERALS PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
2	U24200MH2005PTC157468	GOODEARTH AGROCHEM PRIVATE LIMITED	Director	22/11/2005	22/11/2005	-	Active	NO
3	U18101MH1995PTC091264	SOLAR CLOTHINGS PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
4	U14200TZ2008PLC014280	GOOD EARTH INDSIL NATURAL RESOURCES LIMITED	Director	06/03/2008	06/03/2008	-	Strike off	NO
5	U51909MH2008PTC181920	ORION MINERALS PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO

Name :

Mr. Rahul Pramod Budhraja

Designation :

Director

Address :

612, Ashray, New Colony, Nagpur – 440 001, Maharashtra, India

Date of Birth/Age :

15.12.1983

Date of Appointment :

15.06.2006

DIN No.:

00378611

PAN No.:

AFTPB7204D

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	U24200MH2005PTC157468	GOODEARTH AGROCHEM PRIVATE LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
2	U18101MH1995PTC091264	SOLAR CLOTHINGS PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
3	U51909MH2008PTC181920	ORION MINERALS PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
4	U14100MH2004PTC144947	BSS MINES AND MINERALS PRIVATE LIMITED	Director	21/05/2008	21/05/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sushil Kawadkar
Designation :	Practicing Company Secretary
Address :	63, Income Tax Colony, Pratap Nagar, Nagpur – 440 022, Maharashtra, India
Tel. No.:	91-712-2228206
Mobile No.:	91-9422106889

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Budhraja Pramod	69100
Budhraja Rishi	41500
Budhraja Sunita	39000
Budhraja Rahul	45200
Budhraja Nidhi	200
Logic Infotech Limited, India	10000
Artillegence Bio-Innovations Limited, India	10000
Bhaskar Fund Management Limited, India	15000
Venus Overseas Limited, India	15000
Yograj Budhraja, Karta of D.R. Budhraja (HUF) for Bhudhraja and Company, India	65000
Pramod Budhraja, Karta of Pramod Budhraja (HUF) for Budhraja Deshraj	90000
Total	400000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	13.00
Directors or relatives of directors	87.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Manganese Oxide, Manganese Di Oxide and Manganese Sulphate; with various grades in each product for Animal Feed, Fertilizers, Industrial Applications, Water Treatment etc.

Products :

Item Code No. (ITC Code)	282010
Product Description	Manganese Di Oxide
Item Code No. (ITC Code)	282090
Product Description	Other Manganese Oxides

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	2010-11
Installed Capacity
At Brahmanwada Plant for Manganese Ore/ Manganese Oxide	12000 MT per annum
At Sarigam Plant for Manganese Sulphate	24000 MT per annum

Particulars	Actual Production
Brahmanwada Plant - Product Manganese Dioxide (MT)	614.200
Brahmanwada Plant - Product Manganese Oxide (MT)	5083.300
Sarigam Plant - Product Manganese Sulphate (MT)	9133.400

GENERAL INFORMATION

Suppliers :

· Balaji Agencies

· Bearing House, Nagpur

· B.J. International

· Cargo Inspector

· L.A. Patel and Company

· Metro Electricals

· Paras Saw Mills

· Rathi and Company

· The Upper India Scientific Company

· Universal Electricals

· Bharat Acid and Chemicals Company

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Rabindranath Tagore Road, M.G. House Civil Lines, Nagpur – 440 001, Maharashtra, India

· Axis Bank Limited, Trishul 3^rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006 Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Secured Loan from Bank
Working Capital Loan
Cash Credit from Axis Bank Limited, Nagpur (Secured against hypothecation by way of first charge over entire current assets including stocks ad book debts)	51.546	56.217
Total	51.546	56.217

Banking Relations :	--
Auditors :
Name :	Khatri and Iyer Chartered Accountants
Address :	117, Zal Complex, Residency Road, Sadar, Nagpur – 440 001, Maharashtra, India
Tel. No.:	91-712-2528521/ 2533008
Fax No.:	91-712-2528521/ 2533008
E-Mail :	khatriandiyer@gmail.com
PAN No:	AABFK1161F
Associates :	· BSS Mines and Minerals Private Limited · Budhraja and Company · Universal Traders · Goodearth Universal PTE., Singapore · PT Goodearth Indonesia

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	40.000	40.000
(b) Reserves & Surplus	28.700	28.382
(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)	68.700	68.382
(3) Non-Current Liabilities
(a) Long-term borrowings	60.346	37.364
(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)	60.346	37.364
(4) Current Liabilities
(a) Short term borrowings	101.546	56.217
(b) Trade payables	5.210	9.658
(c) Other current liabilities	9.730	22.875
(d) Short-term provisions	1.727	1.133
Total Current Liabilities (4)	118.213	89.883
TOTAL	247.259	192.629
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.217	30.653
(ii) Intangible Assets	0.606	0.745
(iii) Capital work-in-progress	0.000	0.227
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	30.626	30.092
(c) Deferred tax assets (net)	0.137	0.086
(d) Long-term Loan and Advances	0.918	1.133
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	59.504	62.936
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	41.991	63.602
(c) Trade receivables	41.243	32.940
(d) Cash and cash equivalents	2.877	1.176
(e) Short-term loans and advances	101.644	31.975
(f) Other current assets	0.000	0.000
Total Current Assets	187.755	129.693
TOTAL	247.259	192.629

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		40.000
2] Share Application Money		0.000
3] Reserves & Surplus		22.822
4] (Accumulated Losses)		0.000
NETWORTH		62.822
LOAN FUNDS
1] Secured Loans		76.810
2] Unsecured Loans		32.069
TOTAL BORROWING		108.879
DEFERRED TAX LIABILITIES		0.000
TOTAL		171.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.164
Capital work-in-progress		0.000
INVESTMENT		30.092
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.191
	Sundry Debtors	49.865
	Cash & Bank Balances	2.864
	Other Current Assets	0.000
	Loans & Advances	43.363
Total Current Assets		146.283
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.037
	Other Current Liabilities	23.361
	Provisions	5.343
Total Current Liabilities		38.741
Net Current Assets		107.542
MISCELLANEOUS EXPENSES		0.903
TOTAL		171.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	216.952	216.946	241.392
		Other Income	12.960	1.224	0.305
		Closing Stock	0.000	4.992	2.296
		TOTAL	229.912	223.162	243.993
Less	EXPENSES
		Office Expenses	224.909	219.843	229.858
		Administrative Expenses
		Advertising Expenses
		TOTAL	224.909	219.843	229.858
	PROFIT / (LOSS) BEFORE TAX		5.003	3.319	14.135
Less	TAX		1.685	0.952	3.663
	PROFIT / (LOSS) AFTER TAX		3.318	2.367	10.472
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.382	21.015	10.543
	BALANCE CARRIED TO THE B/S		26.701	23.382	21.015
	EARNINGS IN FOREIGN CURRENCY		44.742	27.510	5.719
	Earnings / (Loss) Per Share (Rs.)		8.30	5.92	26.18

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.44	1.06	4.29
Net Profit Margin (PBT/Sales)	(%)	2.31	1.53	5.86
Return on Total Assets (PBT/Total Assets}	(%)	2.32	2.05	7.88
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.23
Debt Equity Ratio (Total Debt/Networth)		2.36	1.37	1.73
Current Ratio (Current Asset/Current Liability)		1.59	1.44	3.78

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) 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	Yes
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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Directors and Relatives	18.920	4.746
From Associate Concerns	41.426	32.618
SHORT TERM BORROWINGS
Loan from Others	50.000	0.000
Total	110.346	37.364

CONTINGENT LIABILITIES:

Particulars	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Claims against company not acknowledged as debt disputed liability of Central excise duty	1.500	1.500

Bankers Charges Report as per Registry

Corporate identity number of the company	U24200MH2005PTC157468
Name of the company	GOODEARTH AGROCHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Budhraja Centre, Opposite Liberty Cinema, Sadar, Nagpur – 440 001, Maharashtra, India E-Mail: GoodEarthAgro@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10145075
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65110GJ1993PLC020769 Axis Bank Limited, Trishul 3^rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006 Gujarat, India E-Mail: k.chengappa@axisbank.com
Nature of description of the instrument creating or modifying the charge	Letter dated 06.08.2012
Date of instrument Creating the charge	06.08.2012
Amount secured by the charge	Rs.75.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per the terms and conditions of sanction Terms of Repayment: As per the terms and conditions of sanction Margin: As per the terms and conditions of sanction Extent and Operation of the charge: First and exclusive charge over the properties mentioned in the letter dated 06.08.2012
Short particulars of the property charged	Land admeasuring 0.93 hectars or 2.29 acres bearing Kh. No. 51, Patwari Halka No.02, Mouza and Grampanchayat Bhahmanwada District- Nagpur Industrial Plot No.2908, admeasuring 3509 sq. mtrs and building construction made thereon admeasuring 13000 sq. ft in Sarigam Industrial Estate Tq- Umergaon District-Valsad
Particulars of the present modification	By way of this modification 1^st and exclusive charge of Axis Bank has been recorded over the immovable properties mentioned above and further the sanctioned facilities has been reduced from Rs.82.500 millions to Rs.75.000 millions (i.e. by Rs.7.500 millions)

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Laboratory Equipments

· Computers

· Vehicle

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.60.34
UK Pound	1	Rs.90.79
Euro	1	Rs.77.80

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.