MIRA INFORM REPORT

Report Date :

22.01.2014

IDENTIFICATION DETAILS

Name :	DAGA GLOBAL CHEMICALS PRIVATE LIMITED (w.e.f. 21.10.2013)
Formerly Known As :	DAGA GLOBAL CHEMICALS LIMITED
Registered Office :	101, Mahek Plaza, Maharashtra Nagar Lane, Borivali (West), Mumbai – 400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.03.1996
Com. Reg. No.:	11-098494
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U24100MH1996PTC098494
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Chemicals, Solvents, Raw Materials and Intermediates, Polymers etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There seems some dip in the profits of the company during current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BBB-
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	20.08.2013

Rating Agency Name	CRISIL
Rating	Short term rating: A3
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	20.08.2013

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 :	101, Mahek Plaza, Maharashtra Nagar Lane, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28920909
Fax No.:	91-22-28911013
E-Mail :	kokila.gadhiya@dagaglobal.com mumbai@dagaglobal.com
Corporate Office :	Sector 12, Lilashah Nagar, Gandhidham – 370201, Gujarat, India
Overseas Office :	Located at: Dubai Shanghai
Marketing Office	Located at: New Delhi Hyderabad Kolkata
Branch Office :	Located at: Kolkata New Delhi Gandhidham Ahmedabad Tamilnadu Hyderabad

DIRECTORS

As on 30.09.2013

Name :

Mr. Satyen M. Daga

Designation :

Managing Director

Address :

A-4/401, Yogi Palace, Yogi Nagar, Borivali (West), Mumbai-400091, Maharashtra, India

Date of Birth/Age :

12.12.1961

Qualification :

B. Com

Date of Appointment :

01.06.2013

DIN No.:

00202627

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	U51900MH1990PTC055460	DAGA PHARMACEUTICALS PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
2	U24100MH1996PTC098494	DAGA GLOBAL CHEMICALS PRIVATE LIMITED	Managing director	01/06/2013	28/03/1996	-	Active	NO
3	U65910MH1996PTC101607	DAGA FINANCIAL SERVICES PRIVATE LIMITED	Director	05/08/1996	05/08/1996	-	Active	NO
4	U63090MH2000PTC128859	SIDDHI BULK CARRIERS PRIVATE LIMITED	Director	01/12/2005	01/12/2005	-	Active	NO

Name :

Ms. Kokila Amrutlal Gadhiya

Designation :

Whole-Time Director

Address :

A-503, Shiv Amrut, Bharwany’s Complex, Kalyan (West), Thane-421301, Maharashtra, India

Date of Birth/Age :

29.12.1963

Qualification :

B. Com.

Date of Appointment :

01.06.2013

DIN No.:

00226266

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	U24100MH1996PTC098494	DAGA GLOBAL CHEMICALS PRIVATE LIMITED	Whole-time director	01/06/2013	28/03/1996	-	Active	NO
2	U51900MH1990PTC055460	DAGA PHARMACEUTICALS PRIVATE LIMITED	Director	11/09/2000	11/09/2000	-	Active	NO
3	U65910MH1996PTC101607	DAGA FINANCIAL SERVICES PRIVATE LIMITED	Director	11/09/2000	11/09/2000	-	Active	NO
4	U63090MH2000PTC128859	SIDDHI BULK CARRIERS PRIVATE LIMITED	Director	01/12/2005	01/12/2005	-	Active	NO

Name :

Mr. Vijay Gajanan Gangan

Designation :

Whole-time director

Address :

A-704, Shri Krishna, Borasa Pada Road, Near Kamala Vihar Sports Club, Kandivali- West, Mumbai-400067, Maharashtra, India

Date of Birth/Age :

10.05.1968

Date of Appointment :

01.06.2013

DIN No.:

00226149

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	U63090MH2000PTC128859	SIDDHI BULK CARRIERS PRIVATE LIMITED	Director	01/12/2005	01/12/2005	-	Active	NO
2	U24100MH1996PTC098494	DAGA GLOBAL CHEMICALS PRIVATE LIMITED	Whole-time director	01/06/2013	03/05/2006	-	Active	NO

KEY EXECUTIVE

Name :	Mr. R N Gupta and Company
Designation :	Practicing Company Secretaries
Address :	B/301, Gulmohar, Poonam Complex, Asha Nagar, Kandivali (East), Mumbai-400101, Maharashtra, India
Tel No.:	91-22-28546958
Mobile No.:	91-9969101987

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sayten Mahabirprasad Daga	261920
Rama Daga	6470
Kokila A. Gadhiya	12000
Sayten Daga and Rama Daga	117650
Vijay Gajanan Gangan	1000
Krishnakumar Saboo	10
Deepal Modani	200
Moloy Kumar Panja	500
N. Krishnan	250
TOTAL	400000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	99.76
Other top fifty shareholders	0.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Chemicals, Solvents, Raw Materials and Intermediates, Polymers etc.

Products :

Product Description	Items Code
Toluene	29023000
Solvent C-9	27079900
Methylene Chloride	29031200
Mixed Xylene	27073000
MethyI Iso Butyl Ketone	29141300

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Industrial Finance Branch, Union Bank Bhavan, 1st Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand from banks	653.149	132.391
Total	653.149	132.391

Banking Relations :	--
Auditors :
Name :	S.S. Rathi and Company Chartered Accountants
Address :	502, Shree Shivdutta Apartment, Near Lalit Restaurant, Station Road, Goregaon (West ) , Mumbai-400062, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAOFS2521C
Subsidiary Company (held directly):	Zhangijagang Free Trade Zone Daga Chemicals Trading Company Limited (Registered in China).
Partnership Firm:	· Daga Polymers, Hyderabad · Daga Life Sciences DMCC, Dubai

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.000	40.000	40.000
(b) Reserves & Surplus	219.583	202.358	162.691
(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)	259.583	242.358	202.691
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.149	0.220	0.220
(d) long-term provisions	0.000	0.000	9.523
Total Non-current Liabilities (3)	0.149	0.220	0.220
(4) Current Liabilities
(a) Short term borrowings	653.149	132.391	193.887
(b) Trade payables	198.338	255.127	314.859
(c) Other current liabilities	32.667	15.299	8.093
(d) Short-term provisions	21.575	13.300	71.894
Total Current Liabilities (4)	905.729	416.117	588.733
TOTAL	1165.461	658.695	801.167
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.386	3.445	4.380
(ii) Intangible Assets	0.215	0.320	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	9.734	9.734	3.486
(c) Deferred tax assets (net)	0.082	0.104	0.097
(d) Long-term Loan and Advances	3.797	1.249	0.838
(e) Other Non-current assets	11.812	8.416	1.047
Total Non-Current Assets	33.026	23.268	9.848
(2) Current assets
(a) Current investments	0.000	0.000	13.354
(b) Inventories	252.654	95.946	94.046
(c) Trade receivables	752.951	423.148	552.147
(d) Cash and cash equivalents	63.042	80.136	58.792
(e) Short-term loans and advances	33.735	18.666	56.824
(f) Other current assets	30.053	17.531	16.156
Total Current Assets	1132.435	635.427	791.319
TOTAL	1165.461	658.695	801.167

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		2043.574	2080.649
		Other Income		48.552	40.501
		TOTAL (A)	2870.814	2092.126	2121.150
Less	EXPENSES
		Purchases of stock-in-trade		1905.740	1949.561
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		3.960	(14.048)
		Employee benefit expense		26.201	22.241
		Other expenses		88.221	64.860
		TOTAL (B)	2844.083 (Including Financial Expenses)	2024.122	2022.614
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			68.004	98.536
Less	FINANCIAL EXPENSES (D)			23.713	20.134
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.731	44.291	78.402
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.159	1.036	1.076
	PROFIT BEFORE TAX (E-F) (G)		25.572	43.255	77.326
Less	TAX (H)		8.347	13.379	20.920
	PROFIT AFTER TAX (G-H) (I)		17.225	29.876	56.406
Add/ Less	FOREIGN CURRENCY TRANSLATION RESERVE		0.000	0.267	(0.400)
Add	RESERVE FOR DOUBTFUL DEBTS NO LONGER REQUIRED		0.000	9.523	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		161.693	127.010	94.705
Less	APPROPRIATIONS
		Transfer to General Reserve	1.722	2.987	5.641
		Reserve for contingencies	2.788	1.996	2.034
		Reserve for Doubtful Debts	0.000	0.000	2.033
		Proposed Dividend	0.000	0.000	12.000
		Additional Tax On Dividend	0.000	0.000	1.993
	BALANCE CARRIED TO THE B/S		174.408	161.693	127.010
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports (Net of Return)	169.264	83.157	71.656
		Dividends	0.000	2.647	1.272
		Commission	14.077	4.452	1.327
	TOTAL EARNINGS		183.341	90.256	74.255
	Earnings Per Share (Rs.)		43.06	74.69	141.02

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.60	1.43	2.66
Net Profit Margin (PBT/Sales)	(%)	NA	2.12	3.72
Return on Total Assets (PBT/Total Assets}	(%)	2.21	6.67	9.70
Return on Investment (ROI) (PBT/Networth)		0.10	0.18	0.38
Debt Equity Ratio (Total Debt /Networth)		2.52	0.55	0.96
Current Ratio (Current Asset/Current Liability)		1.25	1.53	1.34

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	Yes

NOTE: Registered office of the company has been shifted from 112, Dattani Trade Centre, Chandavarkar Road, Borivali (West), Mumbai-400092, Maharashtra, India to the present address w.e.f 01.12.2012

OPERATIONS

While revenue in F.Y.12-13 was higher by Rs.780.000 Millions against previous year due to good product-mix backed by aggressive sales push but profits were hit badly, mainly because of higher bank finance cost (Rs.44.100 Millions against Rs.23.700 Millions in F.Y.11-12), higher operating expenses etc.; adding to woes, severe price erosion in last quarter made a heavy dent in profitability.

Though Chemicals / Petrochemicals markets remained largely good during Apr – Dec’12 but it started falling steeply after Europe and China PMI dropped from end - Dec’12/earlyJan’13 onwards. This affected overall global demand, and the supplies regionally in Asia became long, putting huge pressures on inventory and margins, sending prices southwards during Jan-Mar’13. As a result, we had to carry highest ever inventory at the end of the year at Rs.252.600 Millions against Rs.90.000 Millions in F.Y.11-12 because of very weak local demand in last quarter of F.Y.12-13 and also because prices were having negative margins. Company decided to hold inventory in anticipation of price recovery in the following quarter (Apr-June’13).

In the coming year/s, the company will prudently strive to chase bottom-line growth more aggressively than the top-line growth. In order to exhibit its sincere commitment in serving the company and growing it profitably, Chairman and Managing Director decided to draw a token salary of just Re.1/- w.e.f. July’12, and earn his salary (profits) in future years through dividend income only.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80016638	19/10/2011 *	230,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN, 1ST FLOOR, 239,VIDHAN BHAVAN MARG,NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B25611740
2	80064095	29/07/2013 *	695,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,UNION BANK BHAVAN, 1ST FLOOR,239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B82405358

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Computer equipments

Intangible assets

· Computer software

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.61.54
UK Pound	1	Rs.101.08
Euro	1	Rs.83.38

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.