MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	APNA ORGANICS PRIVATE LIMITED
Registered Office :	101/102, Balashram Tejpal Scheme Road No. 3, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.03.1993
Com. Reg. No.:	11-071280
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U24110MH1993PTC071280
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21804G
PAN No.: [Permanent Account No.]	AAACA9654R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Textile Chemicals and Textile Auxiliaries.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 522000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exists
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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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.

INFORMATION PARTED BY

Name :	Mr. Ajay
Designation :	Export Import Department
Contact No.:	91-22-32483747
Date :	22.04.2014

LOCATIONS

Registered Office / Sales Office :	101/102, Balashram Tejpal Scheme Road No. 3, Vile Parle (E), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-32483747 / 26831180/ 26842311
Fax No.:	91-22-26831182/ 26826500
E-Mail :	info@apnaorganics.in accounts@apnaorganics.in vikassaraf@hortmail.com sales@apnaorganics.in
Website :	http://apnaorganics.in
Location :	Owned
Locality :	Commercial
Factory :	A-664, TTC Industrial Estate, MIDC, Mahape, Pawne, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-27781044/ 26842311
Fax No.:	91-22-27781044/ 26826500

DIRECTORS

As on 26.09.2013

Name :

Mr. Omprakash B. Saraf

Designation :

Director

Address :

5, Sheela Smruti, Tejpal Scheme Road No.3, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

01.07.1963

Qualification :

B. Com, S.W.A (Final)

Date of Appointment :

15.03.1997

DIN No.:

01519884

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	U24110MH1989PTC051817	SAWARI PLASTOCHEM PRIVATE LIMITED	Director	19/05/1989	19/05/1989	-	Active	NO
2	U24297MH1995PLC092805	INTER CONTINENT CHEMICALS (INDIA) LIMITED	Director	19/09/1995	19/09/1995	-	Active	NO
3	U24110MH1993PTC071280	APNA ORGANICS PRIVATE LIMITED	Director	15/03/1997	15/03/1997	-	Active	NO
4	U52390MH2008PTC184226	GRD STEEL INDUSTRIES PRIVATE LIMITED	Director	02/07/2008	02/07/2008	04/04/2011	Active	NO

Name :

Mr. Santosh Bishwambharlal Saraf

Designation :

Director

Address :

5, Sheela Smurti, Tejpal Scheme Road No. 3, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Appointment :

01.12.1998

DIN No.:

00081978

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	U24114MH1993PTC070478	BOMBAY AUXILARIES PRIVATE LIMITED	Director	21/01/1993	21/01/1993	-	Active	NO
2	U24297MH1995PLC092805	INTER CONTINENT CHEMICALS (INDIA) LIMITED	Director	18/09/1995	18/09/1995	-	Active	NO
3	U24114MH1983PTC031504	SAWARI CHEMICALS PRIVATE LIMITED	Director	18/09/1995	18/09/1995	-	Active	NO
4	U24110MH1993PTC071280	APNA ORGANICS PRIVATE LIMITED	Director	01/12/1998	01/12/1998	-	Active	NO

Name :

Mr. Ashutosh Omprakash Saraf

Designation :

Director

Address :

101, Kavita Building, Plot No.37, Road No.11, Vitthalnagar CHS Ltd, JVPD, Juhu, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

07.10.1990

Date of Appointment :

20.06.2011

DIN No.:

03564652

Name :

Mr. Shivam Santosh Saraf

Designation :

Director

Address :

RH#5, Blue Diamond CHS Ltd Paranjape Scheme "B", Cross Road, Plot #658, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

02.04.1993

Date of Appointment :

20.06.2011

DIN No.:

03564645

KEY EXECUTIVES

Name :	Mr. Ajay
Designation :	Export Import Department

MAJOR SHAREHOLDERS

As on 26.09.2013

Names of Shareholders	No. of Shares
Savitri Saraf	5
Suresh Saraf	3280
Bishwambarlal Saraf	10
Santosh Saraf	3330
Nisha Saraf	3280
Kalpana Saraf	3280
Manisha Saraf	3280
Omprakash Saraf	3280
Ramesh Saraf	5
Shivam Saraf	50
Ashutosh Saraf	50
Vikas Saraf	50
Vinay Saraf	50
Ruhi Saraf	50
Total	20000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of Textile Chemicals and Textile Auxiliaries.
Exports :
Products :	Finished Goods
Countries :	Bangladesh Pakistan
Imports :
Products :	Raw Materials
Countries :	Korea
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Suppliers :

• Chemicone Chemical industries Private Limited
• Crest Chemicals
• Danisco India Private Limited
• D. K. Enterprise
• Esteem Industries Private Limited
• Esteem Industries Private Limited
• Grand Organics Private Limited
• Gujarat Polybonds Private Limited
• Helly Chem Industries
• India Glycols Limited
• R. R. Enterprise
• Siddharth Industries
• Swarna Oil Mills
• Sterling Auxiliaries Private Limited
• V.R.M. Chemicals Private Limited
• Alpha Chemicals Private Limited

Customers :

• Shaulya Industries Private Limited
• Sri Durga Chemicals
• B. M. Processor
• Carona Knit Wear
• Dev Fabrics
• Jayabalaji Dyeing
• Peena Exim
• R.K. Dyes
• Sri Durga Chemicals
• National International
• Ranger Creation
• Koshish Organics
• Jeevanshi Chemicals
• Bambay Rayon Fashion Limited

No. of Employees :

100 (Approximately)

Bankers :

• Corporation Bank
• State Bank of India
• Central Bank of India, Mumbai
• Central Bank of India, Bhilwara

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan From bank
Vehicle loans (Secured by hypothecation of vehicles financed by respective leaders. Terms of repayment: repayable as per respective EMI schedule.)	0.170	0.644
From Others (Secured by hypothecation of vehicles financed by respective leaders. Terms of repayment: repayable as per respective EMI schedule.)	0.263	0.311
Total	0.433	0.955

Banking Relations :	--
Auditors :
Name :	Shankarlal Jain and Associates Chartered Accountants
Address :	12, Engineer Building, 265, Princess Street, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22065739 / 22036623
Fax No.:	91-22-22086269
E-Mail :	info@sliindia.com
Website :	www.slijainindia.com
PAN No.:	AACFS6967Q

CAPITAL STRUCTURE

As on 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.000	2.000	2.000
(b) Reserves & Surplus	128.530	119.308	111.123
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	130.530	121.308	113.123
(3) Non-Current Liabilities
(a) long-term borrowings	0.433	0.955	0.897
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.433	0.955	0.897
(4) Current Liabilities
(a) Short term borrowings	11.022	4.400	1.000
(b) Trade payables	63.291	25.191	25.504
(c) Other current liabilities	1.582	1.146	2.868
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	75.895	30.737	29.372
TOTAL	206.858	153.000	143.392
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.524	6.075	5.371
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.452	11.688
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.223	0.125	0.040
(d) Long-term Loan and Advances	3.788	5.942	6.260
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.535	13.594	23.359
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	24.968	16.698	13.795
(c) Trade receivables	154.450	106.384	91.834
(d) Cash and cash equivalents	9.993	11.828	7.415
(e) Short-term loans and advances	4.912	4.496	6.989
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	194.323	139.406	120.033
TOTAL	206.858	153.000	143.392

PROFIT & LOSS ACCOUNT

PARTICULARS			31.03.2013	31.03.2012	31.03.2011
SALES
	Income				131.827
	Other Income				0.621
	TOTAL		190.223	129.712	132.448
EXPENSES
	Consumption of Raw Material				83.879
	Administrative and Other Expenses				28.857
	Increase/ Decrease in Stock				(0.026)
	TOTAL		174.458	117.758	112.710
			(Including Depreciation)	(Including Depreciation)
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION					19.738
DEPRECIATION/ AMORTISATION					0.993
PROFIT/(LOSS) BEFORE TAX			15.765	11.954	18.745
TAX			5.242	3.968	6.408
PROFIT/(LOSS) AFTER TAX			9.222	8.185	12.337
EXCESS PROVISION FOR INCOME TAX			0.000	0.000	(0.067)
EXCESS/ SHORT PROVISION FOR FBT			0.000	0.000	0.015
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			119.307	111.122	98.837
BALANCE CARRIED TO THE B/S			128.529	119.307	111.122
EARNINGS IN FOREIGN CURRENCY
		Export Earnings	31.477	18.152	12.929
TOTAL EARNINGS			31.477	18.152	12.929
IMPORTS
		Raw Materials	4.732	0.737	0.640
TOTAL IMPORTS			4.732	0.737	0.640
Earnings Per Share (Rs.)			461.12	409.26	616.90

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.85	6.31	9.31
Net Profit Margin (PBT/Sales)	(%)	NA	NA	14.22
Return on Total Assets (PBT/Total Assets}	(%)	7.63	7.89	14.24
Return on Investment (ROI) (PBT/Networth)		0.12	0.10	0.17
Debt Equity Ratio (Total Debt /Networth)		0.09	0.04	0.02
Current Ratio (Current Asset/Current Liability)		2.56	4.54	4.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	2.000	2.000	2.000
Reserves & Surplus	111.123	119.308	128.530
Net worth	113.123	121.308	130.530
long-term borrowings	0.897	0.955	0.433
Short term borrowings	1.000	4.400	11.022
Total borrowings	1.897	5.355	11.455
Debt/Equity ratio	0.017	0.044	0.088

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	132.448	129.712	190.223
		(2.066)	46.650

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	132.448	129.712	190.223
Profit	12.337	8.185	9.222
	9.31%	6.31%	4.85%

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

LITIGATION DETAILS:

CASE DETAILS
Bench:- Bombay
Lodging No. :	ITXAL/2127/2013	Failing Date:-	10/05/2012	Reg. No.:-	ITXA/1183/2012	Reg. Date:-	15/10/2012
Petitioner:-	THE COMMISSIONER OF INCOME TAX 8 MUMBAI		Respondent:-	APANA ORGANICS PRIVATE LIMITED
Petn.Adv:-	A.K.SAXENA (0) ARVIND PINTO (I1892)		Resp. Adv.:	SANJIV SHAH (0)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Pre-Admission		Stage:-	FOR ADMISSION
Last Date:-	07/07/2014
Coram:-	HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE GIRISH S. KULKARNI
Last Date:-	11/03/2014		Stage:-	FOR ADMISSION
Coram:-	HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE GIRISH S. KULKARNI
Act. :	Income Tax Act,1961

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
From Directors
Omprakash Saraf	10.022	4.400
Ashutosh Saraf	1.000	0.000
Total	11.022	4.400

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.83.77

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.