MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	SONIC BIOCHEM EXTRACTIONS LIMITED (w.e.f. 26.03.2003)

Formerly Known As :	SONIC BIOCHEM EXTRACTIONS PRIVATE LIMITED

Registered Office :	38, Patel Nagar, Indore - 452001, Madhya Pradesh

Country :	India

Financials (as on) :	30.06.2011

Date of Incorporation :	16.11.1995

Com. Reg. No.:	10-010167

Capital Investment / Paid-up Capital :	Rs.164.250 Millions

CIN No.: [Company Identification No.]	U24211MP1995PLC010167

TAN No.: [Tax Deduction & Collection Account No.]	BPLS02039C

PAN No.: [Permanent Account No.]	AABCS5326B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of value added Non-GMO Soya Products.

No. of Employees :	Not Available

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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Cash Credit)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	August 2012

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/ Corporate Office :	38, Patel Nagar, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-3011400
Fax No.:	91-731-2462564/ 2447526/ 3011464
E-Mail :	gsm@sonicbiochem.co.in spotdeal@rediffmail.com rkewliya@sonicbiochem.co.in
Website :	http://www.sonicbiochem.co.in

DIRECTORS

As on: 24.12.2011

Name :

Mr. Girish Matlani

Designation :

Managing Director

Address :

38, Patel Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

15.07.1959

Qualification :

M.Com

Date of Appointment :

15.06.2010

DIN No.:

02046220

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	U45201MP1995PLC009119	PARK AVENUE BUILDING LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
2	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Managing director	15/06/2010	15/06/2005	-	Active	NO
3	U01112MP1979NPL001559	SOYABEEN PROCESSORS ASSOCIATION OF INDIA	Director	30/09/2006	30/09/2006	-	Active	NO
4	U45201MH2008PTC180521	SKM INFRASTRUCTURE AND FOOD PARK PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
5	U31101MP1986PTC003462	SONIC ELECTROCHEM PRIVATE LIMITED	Director appointed in casual vacancy	06/01/2010	06/01/2010	-	Active	NO

Name :

Mr. Gautam Chand Kothari

Designation :

Director

Address :

231, Saket Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

25.10.1953

Qualification :

M.A., M.COM, LLB,FCS

Date of Appointment :

28.12.2010

DIN No.:

00115063

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	U74999MP2004SGC020090	PITHAMPUR AUTO CLUSTER LIMITED	Nominee director	05/09/2005	05/09/2005	-	Active	NO
2	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Director	28/12/2010	23/04/2010	-	Active	NO

Name :

Mr. Shailesh Shah

Designation :

Whole Time Director

Address :

EH-3, Scheme No. 54, Vijay Nagar, Indore - 452010, Madhya Pradesh, India

Date of Birth/Age :

04.06.1958

Qualification :

M.Com, FICWAI

Date of Appointment :

15.06.2010

DIN No.:

00806513

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	U31101MP1986PTC003462	SONIC ELECTROCHEM PRIVATE LIMITED	Director	20/01/1997	20/01/1997	-	Active	NO
2	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Whole-time director	15/06/2010	01/04/1999	-	Active	NO
3	U45201MH2008PTC180521	SKM INFRASTRUCTURE AND FOOD PARK PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO

Name :

Ms. Chandni Matlani

Designation :

Director

Address :

38, Patel Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

26.03.1964

Qualification :

Date of Appointment :

28.12.2010

DIN No.:

02060326

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	U31101MP1986PTC003462	SONIC ELECTROCHEM PRIVATE LIMITED	Director	01/07/1994	01/07/1994	-	Active	NO
2	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Director	28/12/2010	09/10/2009	-	Active	NO

Name :

Mr. Suresh Itapu

Designation :

Director

Address :

W1A-062, Wellington Estate, DLF-V, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

01.07.1966

Qualification :

B.S.,M.S., PHD in food technology

Date of Appointment :

28.12.2010

DIN No.:

02937601

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	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Director	28/12/2010	15/02/2010	-	Active	NO
2	U74140DL2010PTC200636	NUTRITECH CONSULTING SERVICES PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendra Kewliya
Designation :	Secretary
Address :	2710, Sector –E, Sudama Nagar, Indore - 452009, Madhya Pradesh, India
Date of Appointment :	15.06.2005
PAN No.:	ACPPK3489A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.12.2011

Names of Shareholders		No. of Equity Shares
Girish Matlani		3672540
Sheeladevi Matlani		2239345
Chandnidevi Matlani		3510860
Girish Matlani HUF		315000
Aakash Matlani Partner of Plastomechs (India)		838115
Vineeta Matlani		87870
Hina Matlani		87870
Sonic Electrochem Limited, India		3492785
Harsh Matlani		838115
Ratna Ramnani		100000
Sadhna Keswani		100000
Sonam Lalwani		100000
Richa Bagga		100000
Plastomechs (India), India		367500
Mohan Matlani		25000
Lalit Kumar Matlani		12500
Kishore Kumar Matlani		12500
Roselabs Industries Limited, India		25000

Total		15925000

Names of Shareholders		No. of Preference Shares
Chandni Devi Matlani		100000
Aakash Matlani		175000
Harsh Matlani		25000
Sonic Electrochem Limited, India		200000

Total		500000

As on: 10.02.2012

Names of Allottes		No. of Shares
Sheela Devi Matlani		330000
Girish Matlani		480000
Chandni Devi Matlani		90000

Total		900000

Equity Share Break up (Percentage of Total Equity)

As on: 24.12.2011

Category		Percentage

Bodies corporate		22.64
Directors or relatives of directors		77.36
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of value added Non-GMO Soya Products.

PRODUCTION STATUS (As on: 30.06.2010)

Particulars	Unit	Installed Capacity	Actual Production
PITHAMPUR PLANT :-
Textured Soya Protein	MT	2400.000	11.000
Soya Protein Concentrate	MT	1231.000	286.360
Sova Flour	MT	6000.000	78.900
Lecithin (Powder / Fluid)	MT	6240.000	3267.130
Tocopherol	MT	162.000	5.580
Choline	MT	15.000	8.457
SEZ PLANT :-
Soya Lecithin Liquid	MT	9000.000	1851.070
Soya Lecithin Powder / Granules	MT	1600.000	11.260
MANDSAUR PLANT :-
Essential Oil	MT	12.000	0.550
Soya Flakes / Grits / Hulls	MT	73800.000	56494.359
Crude Soya Oil	MT	16200.000	10491.953
Soya Flour	MT	27575.000	29821.975
Fextured Soya Protein	MT	16500.000	13984.255
Soya Protein Concentrate	MT	1080.000	1078.440
Soya Lecithin	MT	3160.00	0.000
MANDIDEEP PLANT :-
Soya Flakes / Grits / Hulls	MT	102055.000	115.660
Crude Soya Oil	MT	25200.000	27.660

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, MCB, Siyaganj, Indore - 452001, Madhya Pradesh, India
State Bank of India, Commercial Branch, A.B. Road (Near GPO), Indore - 452001, Madhya Pradesh, India
State Bank of Indore, IFB Branch, Khel Prashal, Race Course Road,, Indore - 452001, Madhya Pradesh, India
Punjab National Bank, MID Corporate Branch, Siyaganj, Indore - 452001, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 30.06.2011	As on 30.06.2010
Rupee term loans banks secured	451.041	459.411
Rupee term loans others secured	3.981	2.810
Foreign currency loans banks secured	468.255	459.513

Total	923.277	921.734

Unsecured Loan	As on 30.06.2011	As on 30.06.2010
Rupee term loans unsecured	58.149	37.863

Total	58.149	37.863


Banking Relations :	--

Auditors :
Name :	Mehta and Company Chartered Accountants
Address :	104 Rachana Apartments, 10 R K Puram Puram, Behind Amaltas Hotel, A.B. Road Indore 452001 India
PAN No.:	AAGFM2167A

Associate Concern :	Sonic Electrochem Private Limited Sovap SKM Infrastructure and Food Park Private Limited Shri Shrikishan Matlani (Firm) J.P. and Company

CAPITAL STRUCTURE

After: 24.12.2011

Authorised Capital : Rs.177.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

16825000	Equity Shares	Rs.10/- each	Rs.168.250 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions

	Total		Rs.173.250 Millions

As on: 30.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

16100000	Equity Shares	Rs.10/- each	Rs.161.000 Millions
500000	Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.5.000 Millions

	Total		Rs.166.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

15925000	Equity Shares	Rs.10/- each	Rs.159.250 Millions
500000	Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.5.000 Millions

	Total		Rs.164.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2011	30.06.2010	30.06.2009
SHAREHOLDERS FUNDS
1] Share Capital		164.250	159.500	159.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		248.020	265.563	212.281
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		412.270	425.063	371.781
LOAN FUNDS
1] Secured Loans		923.277	921.734	664.380
2] Unsecured Loans		58.149	37.863	69.978
TOTAL BORROWING		981.426	959.597	734.358
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1393.696	1384.660	1106.139

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		920.808	557.216	454.563
Capital work-in-progress		14.410	282.487	58.555

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	464.942	451.783	366.199
	Sundry Debtors	304.850	292.046	256.240
	Cash & Bank Balances	15.694	6.574	2.470
	Other Current Assets	0.000	0.000	62.235
	Loans & Advances	34.215	49.899	2.125
Total Current Assets		819.701	800.302	689.269
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	282.471	184.497	80.547
	Other Current Liabilities	30.399	36.900
	Provisions	49.991	36.126	17.231
Total Current Liabilities		362.861	257.523	97.778
Net Current Assets		456.840	542.779	591.491

MISCELLANEOUS EXPENSES		1.638	2.178	1.530

TOTAL		1393.696	1384.660	1106.139

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2011	30.06.2010	30.06.2009
	SALES
		Income	2858.219	2476.276	2750.019
		Other Income	1.948	1.621	1.586
		TOTAL (A)	2860.167	2477.897	2751.605

Less	EXPENSES
		Consumption materials changes inventories	2279.410	1918.915
		Manufacturing service costs	151.464	135.681
		Employee related expenses	55.744	49.298
		Administrative selling other expenses	236.264	191.847
		Research development expenditure	1.650	3.131
		TOTAL (B)	2724.532	2298.872	2529.147

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		135.635	179.025	222.458

Less	FINANCIAL EXPENSES (D)		148.305	97.056	96.429

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(12.670)	81.969	126.029

Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.122	21.687	17.233

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(44.792)	60.282	108.796

Less	TAX (H)		0.000	9.500	12.002

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(44.792)	50.782	96.794

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		236.413	185.631	88.837

	BALANCE CARRIED TO THE B/S		188.621	236.413	185.631

	Earnings Per Share (Rs.)		(3.00)	3.20	6.07

KEY RATIOS

PARTICULARS		30.06.2011	30.06.2010	30.06.2009
PAT / Total Income	(%)	(1.57)	2.05	3.52

Net Profit Margin (PBT/Sales)	(%)	(1.57)	2.43	3.96

Return on Total Assets (PBT/Total Assets}	(%)	(2.58)	4.44	9.51

Return on Investment (ROI) (PBT/Networth)		(0.11)	0.14	0.29

Debt Equity Ratio (Total Liability/Networth)		3.26	2.86	2.24

Current Ratio (Current Asset/Current Liability)		2.26	3.11	7.05

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

During the period of twelve months sales / other income of the company are at Rs.2860.167 Millions as compared to last year of Rs.2477.897 Millions. The company has suffered net loss of Rs.47.792 Millions during the period under review as against previous year net profit (profit after tax) of Rs.50.782 Millions.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U24211MP1995PLC010167
Name of the company	SONIC BIOCHEM EXTRACTIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	38, Patel Nagar, Indore - 452001, Madhya Pradesh, India E-mail: rkewliya@sonicbiochem.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Punjab National Bank, MCB, Siyaganj, Indore - 452001, Madhya Pradesh, India E-mail: ajayprasad@pnb.co.in
Nature of instrument creating charge	1. Hypothecation of Current Assets 2. Hypothecation of Moveable Assets forming part of Fixed / Block Assets 3. Hypothecation of Goods and Book Debts to secure Cash Credit Facilities 4. Supplementary Agreement 5. Supplementary Agreement (for Security of book debts in addition to the security of stocks)
Date of instrument Creating the charge	01.11.2012
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.50% over the base rate with a minimum of 13.50% pa with monthly rests Terms of Repayment Payable on demand Margin NIL Extent and Operation of the charge First charge over the properties mentioned in the above said documents as mentioned in column 9.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge over the current assets as mentioned in the column 9 (supra) all situate at Village Thadod, Mhow Neemuch Road, District Mandsaur, 28-28A, Industrial Area, Sector I, Pithampur, E36, SEZ Phase-I, Pithampur, District Dhar and Village Mandderi, Tehsil: Goharganj, District Raisen

FIXED ASSETS

Lease Hold Land
Free Hold Land
Site Development
Plant and Machinery
Factory Building
Electrical. Install.
Weigh Scale
Office Equipments
Furniture and Fixtures
Laboratory Equipments
Computers
Vehicles
Godown
Brand

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.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

VRN

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

464.942

304.850

15.694

0.000

34.215

819.701

282.471

30.399

49.991

362.861

456.840

Unit