MIRA INFORM REPORT

Report Date :

22.08.2014

IDENTIFICATION DETAILS

Name :	SAMANTA ORGANICS PRIVATE LIMITED
Registered Office :	194, Arvind Chambers, Off Western Express Highway, Andheri [East], Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.02.1990
Com. Reg. No.:	11-055594
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U24239MH1990PTC055594
TAN No.: [Tax Deduction & Collection Account No.]	MUMS39124B
PAN No.: [Permanent Account No.]	AADCS2099B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fine Chemicals, Surfactants and Bulk Drugs.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 196000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating is constrained on account of moderate scale of operation and sharp dip in sales as compared to previous year. However, 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

LOCATIONS

Registered Office :	194, Arvind Chambers, Off Western Express Highway, Andheri [East], Mumbai – 400069, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9764484844 [Mr. Sandeep]
Fax No.:	Not Available
E-Mail :	samantaorganics@gmail.com
Website :	http://www.samantaorganics.com
Admin Office :	27/J, Laxmi Industrial Estate, New Link Road, Andheri [West], Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26332472/ 66924835
Fax No.:	91-22-66924836
Factory :	T-119, M.I.D.C., Tarapur, Boisar, District Thane - 401506, Maharashtra, India

DIRECTORS

AS ON 30.09.2013

Name :

Mrs. Amla Ashim Samanta

Designation :

Director

Address :

13, Meera Baug, Santacruz [West], Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

19.04.1956

Date of Appointment :

28.02.1990

DIN No.:

00758883

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	Company/ LLP Status	Defaulting status
1	U24239MH1990PTC055594	SAMANTA ORGANICS PRIVATE LIMITED	Director	28/02/1990	28/02/1990	Active	NO
2	U24110MH1990PTC057183	ASHISH RANG UDYOG PRIVATE LIMITED	Director	15/04/1994	15/04/1994	Active	NO
3	U51900MH2006PTC160749	NAUTILUS TRADING AND LEASING PRIVATE LIMITED	Additional director	28/08/2006	28/08/2006	Active	NO
4	U67120MH2000PLC152193	HDFC SECURITIES LIMITED	Additional director	09/07/2014	09/07/2014	Active	NO

Name :

Mr. Ashim Shakti Samanta

Designation :

Director

Address :

13, Meera Baug, Santacruz [West], Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

07.07.1954

Date of Appointment :

28.02.1990

DIN No.:

00062781

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	U92100MH1972PTC016055	SHAKTI CINE STUDIOS PRIVATE LIMITED	Director	09/10/1972	09/10/1972	-	Active In Progress	NO
2	U92100MH1981PTC024850	SAMANTA MOVIES PRIVATE LIMITED	Director	24/07/1981	24/07/1981	-	Active	NO
3	U24239MH1990PTC055594	SAMANTA ORGANICS PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
4	U24110MH1990PTC057183	ASHISH RANG UDYOG PRIVATE LIMITED	Director	15/04/1994	15/04/1994	-	Active	NO
5	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	19/11/2004	19/11/2004	18/11/2012	Active	NO
6	U51900MH2006PTC160749	NAUTILUS TRADING AND LEASING PRIVATE LIMITED	Additional director	28/08/2006	28/08/2006	-	Active	NO
7	U92100MH1999PLC119506	FAME MOTION PICTURES LIMITED	Director	26/09/2008	15/04/2008	21/01/2011	Amalgamated	NO
8	U92100MH1968PTC014075	NATRAJ STUDIOS PRIVATE LIMITED	Director	03/10/2009	03/10/2009	-	Converted to LLP and dissolved	NO

Name :

Mr. Hiten Patel

Designation :

Additional director

Address :

D-111, Rajesh Apartment, Chandawarkar Lane, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

07.06.1962

Date of Appointment :

10.05.2012

DIN No.:

01212873

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	U24100MH1995PTC089908	KEDAR JANANI CHEMPLAST PRIVATE LIMITED	Director	23/06/1995	23/06/1995	-	Active	NO
2	U91990MH2004NPL148221	TARAPUR ENVIRONMENT PROTECTION SOCIETY	Director	21/11/2009	01/09/2009	-	Active	NO
3	U24110MH2011PTC218925	ARISTO INDUSTRIES PRIVATE LIMITED	Director	21/06/2011	21/06/2011	01/08/2011	Active	NO
4	U24239MH1990PTC055594	SAMANTA ORGANICS PRIVATE LIMITED	Additional director	10/05/2012	10/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Amla Ashim Samanta	3750	25.00
Ashim Shakti Samanta	3750	25.00
Aditya Ashim Samanta	3750	25.00
Vidyut Ashim Samanta	3750	25.00
Total	15000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fine Chemicals, Surfactants and Bulk Drugs.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Vijaya Bank

Hill Road, Bandra Branch, Bandra [West], Mumbai - 400050, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on Demand From Bank (overdraft)	0.200	0.000
Total	0.200	0.000
Secured Loan from Bank Loans repayable on demand from bank include working capital facilities, which are secured by hypothecation of inventories, book debts, receivables and other current assets arising from time to time.

Banking Relations :	--
Auditors :
Name :	R.M. Ajgaonkar and Company Chartered Accountants
Address :	Mandar, Juhu Tara Road, Juhu, Mumbai – 400049, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPA9416G
Associates :	· Samanta Pharmachem Ashish Rang Udyog Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000	Equity Shares	Rs. 100/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,000	Equity Shares	Rs. 100/- each	Rs. 1.500 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	1.500	1.500	1.500
(b) Reserves & Surplus	47.438	47.012	48.258
(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)	48.938	48.512	49.758
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.514	1.154
(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)	0.000	0.514	1.154
(4) Current Liabilities
(a) Short term borrowings	0.200	0.000	0.000
(b) Trade payables	7.174	3.019	7.297
(c) Other current liabilities	2.664	2.165	0.505
(d) Short-term provisions	0.000	0.061	0.270
Total Current Liabilities (4)	10.038	5.245	8.072
TOTAL	58.976	54.271	58.984
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.232	8.081	8.519
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	19.009	17.854	18.114
(c) Deferred tax assets (net)	0.531	0.000	0.000
(d) Long-term Loan and Advances	0.192	0.186	0.186
(e) Other Non-current assets	0.500	0.000	0.000
Total Non-Current Assets	31.464	26.121	26.819
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.971	8.282	5.023
(c) Trade receivables	7.359	1.364	6.999
(d) Cash and cash equivalents	0.390	4.706	7.660
(e) Short-term loans and advances	12.647	13.736	12.483
(f) Other current assets	0.145	0.062	0.000
Total Current Assets	27.512	28.150	32.165
TOTAL	58.976	54.271	58.984

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	28.731	51.832	59.612
		Other Income	3.090	2.635	2.593
		TOTAL (A)	31.821	54.467	62.205
Less	EXPENSES
		Cost of Materials Consumed	13.338	33.670	34.389
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.938	(1.749)	0.346
		Employees benefits expense	6.486	5.829	5.673
		Other expenses	10.792	17.727	16.222
		TOTAL (B)	31.554	55.477	56.630
Less	PROFIT/ [LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.267	(1.010)	5.575
Less	FINANCIAL EXPENSES (D)		0.008	0.023	0.000
	PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.259	(1.033)	5.575
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.877	0.855	0.825
	PROFIT/ [LOSS] BEFORE TAX (E-F) (G)		(0.618)	(1.888)	4.750
Less	TAX (H)		(1.045)	(0.641)	1.224
	PROFIT/ [LOSS] AFTER TAX (G-H) (I)		0.427	(1.247)	3.526
	EARNINGS IN FOREIGN CURRENCY
		FOB value of sales	21.035	49.516	55.129
	Earnings/ [Loss] Per Share (Rs.)		28.45	(83.13)	235.05

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.34	(2.29)	5.67
Net Profit Margin (PBT/Sales)	(%)	(2.15)	(3.64)	7.97
Return on Total Assets (PBT/Total Assets}	(%)	(1.57)	(5.18)	11.62
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.04)	0.10
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.74	5.37	3.98

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	1.500	1.500	1.500
Reserves & Surplus	48.258	47.012	47.438
Net worth	49.758	48.512	48.938
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.200
Total borrowings	0.000	0.000	0.200
Debt/Equity ratio	0.000	0.000	0.004

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)
Sales	59.612	51.832	28.731
		(13.051)	(44.569)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	59.612	51.832	28.731
Profit/ [Loss]	3.526	(1.247)	0.427
	5.91%	(2.41%)	1.49%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80032508	30/09/2013 *	7,500,000.00	VIJAYA BANK	HILL ROAD, BANDRA BRANCH, BANDRA WEST, MUMBAI, MAHARASHTRA - 400050, INDIA	B88271648
2	90154543	10/03/1997	500,000.00	VIJAYA BANK	L. J. ROAD, BOMBAY, MAHARASHTRA - 400016, INDIA	-
3	90154181	22/12/1998 *	1,500,000.00	VIJAYA BANK	L. J. ROAD, MLLAGES HOUSE; 81; HILL ROAD, BOMBAY, MAHARASHTRA - 400056, INDIA	-
4	90154471	22/12/1998 *	1,500,000.00	VIJAYA BANK	L. J. ROAD, MLLAGES HOUSE; 81; HILL ROAD, BOMBAY, MAHARASHTRA - 400056, INDIA	-
5	90154140	22/12/1998 *	1,500,000.00	VIJAYA BANK	L. J. ROAD, MLLAGES HOUSE; 81; HILL ROAD, BOMBAY, MAHARASHTRA - 400056, INDIA	-
6	90154406	10/03/1997 *	1,500,000.00	VIJAYA BANK	L. J. ROAD, MLLAGES HOUSE; 81; HILL ROAD, BOMBAY, MAHARASHTRA - 400056, INDIA	-
7	90154766	28/09/1990	3,200,000.00	THE MAHARASHTRA BSTATE FINANCIAL CORPORATION	NEW EXCELSIOR BLDG., A. K. NAYAK MARG; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Claims against the company not acknowledged as debt	0.378	0.378

FIXED ASSETS:

· Leasehold Land

Factory Building

Plant & Equipment

Furniture & Fixtures

Vehicles

Office Equipment

Computers

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. 60.77
UK Pound	1	Rs. 100.72
Euro	1	Rs. 80.56

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.