MIRA INFORM REPORT

Report Date :

18.03.2013

IDENTIFICATION DETAILS

Name :	KUTCH CHEMICAL INDUSTRIES LIMITED

Registered Office :	IInd Floor, MPL No. 8750, Plot No. 3, Block No. 4, D B Gupta Road, Paharganj, New Delhi – 110055

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	10.06.2002

Com. Reg. No.:	55-115757

Capital Investment / Paid-up Capital :	Rs.260.009 Millions

CIN No.: [Company Identification No.]	U24114DL2002PLC115757

TAN No.: [Tax Deduction & Collection Account No.]	DELK05171F

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Dyes Intermediates and Benzene based products.

No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3060000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	IInd Floor, MPL No. 8750, Plot No. 3, Block No. 4, D B Gupta Road, Paharganj, New Delhi – 110055, India
Tel. No.:	91-11-26193708
E-Mail :	bs@kcil.co.in kcg@kcil.co.in svarma@kcil.co.in sunita_and_chadha2003@yahoo.co.in
Website :	www.kcil.co.in
Location :	Owned

Head Office :	F-108, Mohta Building, 4, Bhikaji Cama Place, New Delhi – 110066, Delhi, India
Tel. No.:	91-11-26193708
E-Mail :	kcg@kcil.co.in, svarma@kcil.co.in

Corporate Office :	20/21, Sara Niwas, Harinagar Co-operative Society, Gotri Road, Baroda – 390007, Gujarat, India
Tel. No.:	91-265-2397013 / 2396498
Fax No.:	91-265-2397245
Area :	Approximately 5000 Sq. Fts
Location :	Owned

Factory :	Village Padanda, Taluka Gandhidham, District Kutch, Gujarat, India
Tel. No.:	91-2836-313720
Location :	Owned

Branches :	Mumbai Office Address: 703/Dalamal Tower, Nariman Point, Mumbai – 380021, Maharashtra, India Fax No. : 91-22- 22875274 Email: nvora@kcil.co.in Ahmedabad Office 403 - 404, ATP Arcade, Near National Handloom, C. G. Road, Ahmedabad : 380 006, Gujarat, India Phone : 91- 79 - 26425094, 26425095 Fax No. : 91- 79- 26425096 Email : hshah@kcil.co.in, sp@kcil.co.in

DIRECTORS

As on 28.09.2010

Name :

Mr. Shivlal Goel

Designation :

Director

Address :

2, Sriram Society, Near Vaibhav Appartments, Gotri Road, Baroda, Gujarat, India

Date of Appointment :

10.06.2002

DIN No.:

01057339

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17111DL1987PLC029986	I S DYESTUFF INDUSTRIES LIMITED	Managing director	1/04/2006	1/04/2001	-	Active	NO
2	U24114DL2002PLC115757	KUTCH CHEMICAL INDUSTRIES LIMITED	Managing director	1/04/2009	10/06/2002	-	Active	NO
3	U24242DL1991PTC044555	VALLABH CHEMICALS PRIVATE LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
4	U24117DL1998PTC096701	PANOLI INTERMEDIATES (INDIA) PRIVATE LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
5	U45208GJ2006NPL048978	NANDESARI WATER AND UTILITIES LIMITED	Managing director	26/08/2009	1/09/2006	-	Active	NO
6	U74999GJ1997PLC032975	NANDESARI ENVIROMENT CONTROLS LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
7	U29308GJ1971PTC001944	STANDARD ELECTRONICS INDUSTRIES GUJARAT PRIVATE LIMITED	Director	10/09/2007	10/09/2007	-	Active	NO
8	U24100DL2007PLC168208	RUCHI PETRO CHEMICALS LIMITED	Additional director	16/04/2008	16/04/2008	-	Active	NO
9	U23101DL2009PLC190146	BHARUCH PETROCHEMICALS LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
10	U24100DL2010PLC205663	SHIV CHLORO ALKALIES LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
11	U63090DL2010PTC200976	NCR LOGISTICS (INDIA) PRIVATE LIMITED	Director	30/09/2011	16/08/2010	-	Active	NO

Name :

Mr. Kailash Chander Goel

Designation :

Director

Address :

43, Ardhana Enclave, R.K. Puram, New Delhi, India

Experience :

Graduate

Date of Appointment :

30.12.2003

DIN No.:

00146921

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17111DL1987PLC029986	I S DYESTUFF INDUSTRIES LIMITED	Director	18/05/1992	18/05/1992	-	Active	NO
2	U74900DL1987PTC028378	MEXIT (INDIA) PRIVATE LTD	Director	19/03/2001	19/03/2001	-	Active	NO
3	U24114DL2002PLC115757	KUTCH CHEMICAL INDUSTRIES LIMITED	Director	30/12/2003	30/12/2003	-	Active	NO
4	U74899DL1991PTC044556	MAHAMAYA CHEMICALS PRIVATE LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
5	U24100DL2007PLC168208	RUCHI PETRO CHEMICALS LIMITED	Additional director	16/04/2008	16/04/2008	-	Active	NO
6	U23101DL2009PLC190146	BHARUCH PETROCHEMICALS LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
7	U24100DL2010PLC205663	SHIV CHLORO ALKALIES LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO

Name :

Mr. Pirag Goel

Designation :

Director

Address :

43, Ardhana Enclave, R.K. Puram, New Delhi, India

Qualification :

Graduate

Date of Appointment :

06.11.2003

DIN No.:

02496496

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45201DL1991PTC046087	KRISAM PROPERTIES PRIVATE LIMITED	Director	8/05/1992	8/05/1992	-	Active	NO
2	U17111DL1987PLC029986	I S DYESTUFF INDUSTRIES LIMITED	Director	18/05/1992	18/05/1992	-	Active	NO
3	U24117DL1998PTC096701	PANOLI INTERMEDIATES (INDIA) PRIVATE LIMITED	Director	15/10/1998	15/10/1998	-	Active	NO
4	U24114DL2002PLC115757	KUTCH CHEMICAL INDUSTRIES LIMITED	Director	6/11/2003	6/11/2003	-	Active	NO
5	U74899DL1991PTC044553	BADRI CHEMICALS PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
6	U70109DL1989PTC036211	KARNA PROPERTIES PRIVATE LIMITED	Director	12/09/2011	12/09/2011	-	Active	NO

Name :

Mr. Jai Prakash Goel

Designation :

Whole-time director

Address :

6 Krushna Sray, Opposite Rokad Nath Society, Gotri Road, Baroda, Gujarat, India

Experience :

Graduate

Date of Appointment :

30.12.2003

DIN No.:

01804891

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24114DL2002PLC115757	KUTCH CHEMICAL INDUSTRIES LIMITED	Whole-time director	1/04/2009	30/12/2003	-	Active	NO
2	U74899DL1991PTC044554	MOHINI CHEMICALS PRIVATE LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
3	U24100DL2007PLC168208	RUCHI PETRO CHEMICALS LIMITED	Additional director	16/04/2008	16/04/2008	-	Active	NO
4	U23101DL2009PLC190146	BHARUCH PETROCHEMICALS LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
5	U24100DL2010PLC205663	SHIV CHLORO ALKALIES LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders		No. of Shares
Vijendra Goel		31900
Shiv Lal Goel		76150
Anandi Devi		54648
Pirag Chand Goel		22550
Kailash Goel		60400
Jaiprakash Goel		60150
Archana Goel		34500
Hemraj Bothra		10000
Mexit India Private Limited, India		155056
Krishna Devi		110368
Badari Chemicals Private Limited, India		190040
Mahamaya Chemicals Private Limited, India		155729
Vallabh Chemicals Private Limited, India		178520
Durgesh Chemicals Private Limited, India		172690
Mohini Chemicals Private Limited, India		127033
Vijender Goel HUF		54900
Jai Prakash Goel HUF		52550
Shiv Lal Goel HUF		106561
Kailash Goel HUF		30400
Surender Goyal		89728

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2010

Category	Percentage
Bodies corporate	62.64
Directors or relatives of Directors	37.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyes Intermediates and Benzene based Products.

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

State Bank of India, MID Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara – 390007, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loans and Advances from Banks
From Bank of Baroda (Secured against equitable mortgage of land, building, plant and machinery and hypothecation of goods/stocks, book debts, stores and spares belonging to the company and lying in the premises, godown and at factory site of the company and extension of charge on current assets, both present and future	830.554	804.906
Total	830.554	804.906

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks	150.000	0.000
From Others	199.641	198.570
Total	349.641	198.570


Banking Relations :	--

Auditors :
Name :	Sunita and Chadha Chartered Accountants
Address :	Flat No. 77, Bhagat Singh Market, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-23348045
Fax No.:	91-11-23346370
E-Mail :	Sunita_and_chadha2003@yahoo.co.in Sac_ca1982@yahoo.com
PAN.:	AABFS6939F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.100/- each	Rs.350.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2600089	Equity Shares	Rs.100/- each	Rs.260.009 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		260.009	260.009	260.009
2] Share Application Money		6.622	6.622	6.622
3] Reserves & Surplus		498.461	385.395	282.488
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		765.092	652.026	549.119
LOAN FUNDS
1] Secured Loans		830.554	804.906	695.351
2] Unsecured Loans		349.641	198.570	202.022
TOTAL BORROWING		1180.195	1003.476	897.373
DEFERRED TAX LIABILITIES		100.693	99.745	60.750

TOTAL		2045.980	1755.247	1507.242

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1142.738	1138.343	1018.672
Capital work-in-progress		43.030	1.933	0.000
Advances against capital goods		13.856	0.000	0.000

INVESTMENT		1.732	0.492	0.483
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	374.261	317.107	146.956
	Sundry Debtors	925.461	527.340	609.680
	Cash & Bank Balances	112.273	53.232	18.195
	Other Current Assets	20.058	23.634	13.114
	Loans & Advances	109.309	178.297	129.199
	Goods in Transit	64.032	0.302	3.919
Total Current Assets		1605.394	1099.912	921.063
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	632.848	379.505	306.059
	Other Current Liabilities	108.278	103.804	116.562
	Provisions	20.000	2.836	11.423
Total Current Liabilities		761.126	486.145	434.044
Net Current Assets		844.268	613.767	487.019

MISCELLANEOUS EXPENSES		0.356	0.712	1.068

TOTAL		2045.980	1755.247	1507.242

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3011.123	2880.841	3110.914
		Other Income	4.359	5.749	32.360
		TOTAL (A)	3015.482	2886.590	3143.274

Less	EXPENSES
		Manufacturing Expenses	2345.627	2375.750	2678.647
		Administrative Expenses	153.160	204.838	148.132
		Increase/Decrease in Inventories	83.662	(143.032)	(43.944)
		TOTAL (B)	2582.449	2437.556	2782.835

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		433.033	449.034	360.439

Less	FINANCIAL EXPENSES (D)		100.057	121.176	88.222

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		332.976	327.858	272.217

Less/ Add	DEPRECIATION/ AMORTISATION (F)		165.974	162.095	113.098

	PROFIT BEFORE TAX (E-F) (G)		167.002	165.763	159.119

Less	TAX (H)		53.936	62.855	53.889

	PROFIT AFTER TAX (G-H) (I)		113.066	102.908	105.230

	BALANCE CARRIED TO THE B/S		113.066	102.908	105.230

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	51.968	197.678	243.588
	TOTAL EARNINGS		51.968	197.678	243.588

	IMPORTS
		Raw Materials	10492.190	681.871	400.264
		Capital Goods	1.835	24.059	2.845
	TOTAL IMPORTS		10494.025	705.930	403.109

	Earnings Per Share (Rs.)		43.49	39.58	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.75	3.57	3.35

Net Profit Margin (PBT/Sales)	(%)	5.55	5.75	5.11

Return on Total Assets (PBT/Total Assets}	(%)	6.08	7.41	8.20

Return on Investment (ROI) (PBT/Networth)		0.22	0.25	0.29

Debt Equity Ratio (Total Liability/Networth)		2.54	2.28	2.42

Current Ratio (Current Asset/Current Liability)		2.11	2.26	2.12

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered address of the company 8705/15, D.B. Gupta Road, Pahar Ganj, New Delhi – 110001, India has been shifted to the present address w.e.f. 20.06.2010

Bankers Charges Report as per Registry

Corporate identity number of the company	U24114DL2002PLC115757
Name of the company	KUTCH CHEMICAL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	IInd Floor, MPL No. 8750, Plot No. 3, Block No. 4, D B Gupta Road, Paharganj, New Delhi – 110055, India Email : sunita_and_chadha2003@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10026565
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, MID Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara – 390007, Gujarat, India Email : pramodkumar1@sbi.co.in
Nature of instrument creating charge	Supplemental Deed of Mortgage
Date of instrument Creating the charge	12.01.2012
Amount secured by the charge	Rs.1119.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - 3.75% above Base Rate, Term Loan and Corporate Loan (existing) - as per existing ROI, SLC - 1% above C C rate Terms of Repayment working capital - on demand, existing Term loan(s) and Corporate loan to be repaid as per the existing terms of repayment Margin Raw materials - 25%, stock in process, finished goods - 30%, LC - 10%, Book debts / receivables ( cover period 90 day for domestic receivables and 120 days for export receivables) 25%, BG - 15% Extent and Operation of the charge various credit facilities granted to the Panoli Intermediates (India) Private Limited are collaterally secured by way of mortgage of immovable properties more particularly described in First to Fifth schedules to the deed of mortgage Others Credit facilities enhanced to Panoli Intermediates (India) Private Limited (Cash Credit - Rs.350.000 Millions+ O/s T L - III Rs.81.600 Millions+ O/s TL- IV Rs.33.800 Millions+ Corporate Loan - Rs.185.000 Millions+ SLC - Rs.45.000 Millions+ LC - Rs.350.000 Millions+ B G - Rs.40.000 Millions+ Credit exposure on forward contract Rs.33.600 Millions aggregating to Rs.1119.000 Millions)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property being all that piece of land known as Industrial Plot No.20 and 21, Harinagar Co-Operative Housing Sociery Limited, Mouje Gotri, Vadodara R.S.No.184 and 185paiki adm. 594.14 Sq. Mtrs and 661.80 Sq. Mtrs plot area (built up area 278.81 Sq. Mtrs.) together with all constructions, superstructures and fixtures thereon
Date of instrument modifying the charge	22.12.2010
Particulars of the present modification	By this execution the charge extended on Immovable properties to cover revised credit facilities granted to Panoli Intermediates (India) Private Limited to Rs.1119.000 Millions {credit facilities enhanced to Panoli Intermediates (India) Private Limited (Cash Credit - Rs.350.000 Millions+ O/s T L - III Rs.81.600 Millions+ O/s TL- IV Rs.33.800 Millions+ Corporate Loan - Rs.185.000 Millions+ SLC - Rs.45.000 Millions+ LC - Rs.350.000 Millions+ B G - Rs.40.000 Millions+ Credit exposure on forward contract Rs.33.600 Millions aggregating to Rs.1119.000 Millions)

Fixed Assets:

Land
Furniture and Fixtures
Vehicles
Computers
Office Equipments
Air Conditioner
Plant and Machinery
Buildings
lab Equipments
Office Apartments

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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

374.261

317.107

146.956

925.461

527.340

609.680

112.273

53.232

18.195

20.058

23.634

13.114

109.309

178.297

129.199

64.032

0.302

3.919

1605.394

1099.912

921.063

632.848

379.505

306.059

108.278

103.804

116.562

20.000

2.836

11.423

761.126

486.145

434.044

844.268

613.767

487.019

3.75

3.57

3.35

5.55

5.75

5.11

6.08

7.41

8.20

0.22

0.25

0.29

2.54

2.28

2.42

2.11

2.26

2.12

Unit