MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	DESMET REAGENT PRIVATE LIMITED (w.e.f.30.05.2012)
Formerly Known As :	ALMAMET REAGENTS (INDIA) PRIVATE LIMITED
Registered Office :	Sukhsagar Apartment, Flat - 9B, 9^th Floor, 2/5 Sarat Bose Road, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.02.2002
Com. Reg. No.:	21-094237
Capital Investment / Paid-up Capital :	Rs. 26.703 Millions
CIN No.: [Company Identification No.]	U27109WB2002PTC094237
TAN No.: [Tax Deduction & Collection Account No.]	CALA05057D
PAN No.: [Permanent Account No.]	AADCA4142R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Fluidized Lime, Calcium Carbide and Magnesium metal based reagents for Hot Metal Desulphurization
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has achieved decent profitability from its operation during the financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 DECLINED

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-33-24543523)

LOCATIONS

Registered Office :	Sukhsagar Apartment, Flat - 9B, 9^th Floor, 2/5 Sarat Bose Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-24543523/ 40033671/ 32459438
Fax No.:	91-33-24543523
E-Mail :	priyanka@desmet.in info@desmet.in
Website :	http://www.desmet.in
Factory 1 :	Shed No. 3 and 4, Phase - 3, Adityapur Industrial Area Jamshedpur – 831009, Jharkhand, India
Tel No.:	91-657-6538093
Factory 2 :	Plot No 36, Zone – C, BIGC, Rasmada, Durg – 491001, Chhattishgarh, India
Tel No.:	91-788-2110060/ 2982214
E-Mail :	bhiali@desmet.in

DIRECTORS

AS ON 24.09.2013

Name :

Mr. Hitesh Vasa

Designation :

Managing director

Address :

25A, Bakul Bagan Road, Kolkata – 700025, West Bengal, India

Date of Birth/Age :

18.03.1962

Date of Appointment :

22.04.2002

PAN No.:

ABQPV2591L

DIN No.:

00435289

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	U32109WB1997PTC085878	KOPPERN MACO SERVICES PRIVATE LIMITED	Director	12/11/1997	12/11/1997	27/04/2009	Active	NO
2	U24299WB1998PTC086620	SUNAG ENGINEERING PRIVATE LIMITED	Director	26/06/1998	26/06/1998	-	Active	NO
3	U27109WB2002PTC094237	DESMET REAGENT PRIVATE LIMITED	Managing director	22/04/2002	22/04/2002	-	Active	NO
4	U36900WB2002PTC094503	MACO CORPORATION (INDIA) PRIVATE LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
5	U50200WB2006PTC112088	SIBRE BRAKES (INDIA) PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
6	U72400WB2007PTC114535	SUNAG IT & CONSULTANCY SERVICES PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
7	U74210WB2009PTC138751	METALOCK MACO ENGINEERING (INDIA) PRIVATE LIMITED	Director	07/10/2009	07/10/2009	26/03/2010	Active	NO

Name :

Prafulla Nagesh Patel

Designation :

Director

Address :

25A, Sarat Bose Road, Flat-5C, Kolkata - 700020, West Bengal, India

Date of Birth/Age :

14.10.1962

Date of Appointment :

15.02.2002

PAN No.:

ABSPT8571G

DIN No.:

02855057

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	U24299WB1998PTC086620	SUNAG ENGINEERING PRIVATE LIMITED	Director	01/01/2001	01/01/2001	Active	NO
2	U27109WB2002PTC094237	DESMET REAGENT PRIVATE LIMITED	Director	15/02/2002	15/02/2002	Active	NO

Name :

Mr. Nagesh M. Patel

Designation :

Director

Address :

25A, Sarat Bose Road, Flat-5C, Kolkata - 700020, West Bengal, India

Date of Birth/Age :

25.12.1960

Date of Appointment :

30.04.2013

DIN No.:

00443530

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	U74140WB1992PTC055887	MACO MARKETING PRIVATE LIMITED	Director	07/07/1992	07/07/1992	-	Active	NO
2	U32109WB1997PTC085878	KOPPERN MACO SERVICES PRIVATE LIMITED	Managing director	12/02/1998	12/02/1998	-	Active	NO
3	U36900WB2002PTC094503	MACO CORPORATION (INDIA) PRIVATE LIMITED	Director	11/04/2002	11/04/2002	-	Active	NO
4	U51109WB1995PTC072747	AASHIYANA GOODS PRIVATE LIMITED	Managing director	07/02/2003	07/02/2003	-	Active	NO
5	U74140WB1977PTC031198	PROGRESSIVE CONSULTANCY SERVICES PRIVATE LIMITED	Director	10/12/2004	10/12/2004	-	Active	NO
6	U74999WB2006PTC107090	IMS MACO SERVICES PRIVATE LIMITED	Director	05/01/2006	05/01/2006	-	Active	NO
7	U28910GJ2006PTC047476	AMUL CRANKCASE PRIVATE LIMITED	Director	10/01/2006	10/01/2006	31/12/2011	Active	NO
8	U50200WB2006PTC112088	SIBRE BRAKES (INDIA) PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
9	U72400WB2007PTC114535	SUNAG IT & CONSULTANCY SERVICES PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
10	U74210WB2009PTC138751	METALOCK MACO ENGINEERING (INDIA) PRIVATE LIMITED	Director	07/10/2009	07/10/2009	-	Active	NO
11	U27320WB2011PTC162379	MACO ALMAMAT PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO
12	U93000WB2013NPL192028	CLASSICA FLAT OWNERS WELFARE ASSOCIATION	Director	08/04/2013	08/04/2013	-	Active	NO
13	U27109WB2002PTC094237	DESMET REAGENT PRIVATE LIMITED	Director	30/04/2013	30/04/2013	-	Active	NO

Name :

Mr. Pasupati Mahapatra

Designation :

Director

Address :

P-117/5, Unique Park, Kolkata - 700034, West Bengal, India

Date of Birth/Age :

18.08.1963

Date of Appointment :

21.05.2013

DIN No.:

06588921

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Progressive Consultancy Services Private Limited, India	1361844	51.00
Century Devcons Private Limited, India	1148439	43.01
Manda Rambabu Rao	40000	1.50
Prafulla Nagesh Tilva	37000	1.39
Hina Vasa	25000	0.94
Nagesh Maganlal Patel	35000	1.31
Dhirajlal Vasa	15000	0.56
Ramesh Ch. V. Patel	8000	0.30
Total	2670283	100.00

AS ON 24.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	94.00
Directors or relatives of directors	4.20
Others	1.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Fluidized Lime, Calcium Carbide and Magnesium metal based reagents for Hot Metal Desulphurization

GENERAL INFORMATION

Customers :

· Tata Steel

Bhilai Steel Plant

Rourkela Steel Plant

JSW Steel

Essar Hazira Steel

Bhusan Steel

Jindal Steel and Power Limited

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited

The Royal Bank of Scotland

Dena Bank

Union Bank of India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans repayable on demand - HDFC Bank Car Loan	61.579	49.783
Total	61.579	49.783

Banking Relations :	--
Auditors :
Name :	D K Madia And Company Chartered Accountants
Address :	29A, Weston Street, Second Floor, Room No. B1, Kolkata – 700012, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ADKPM6230D
Holding Company :	Progressive Consultancy Services Private Limited [U74140WB1977PTC031198]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,670,283	Equity Shares	Rs. 10/- each	Rs. 26.703 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	26.703	26.703	26.703
(b) Reserves & Surplus	30.258	9.090	(4.145)
(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)	56.961	35.793	22.558
(3) Non-Current Liabilities
(a) long-term borrowings	61.792	50.098	76.362
(b) Deferred tax liabilities (Net)	1.545	1.380	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)	63.337	51.478	76.362
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	12.148	8.018	3.338
(c) Other current liabilities	1.093	1.347	1.182
(d) Short-term provisions	7.197	3.428	0.000
Total Current Liabilities (4)	20.438	12.793	4.520
TOTAL	140.736	100.064	103.440
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.560	14.630	16.420
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	1.783
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20.560	14.630	18.203
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.713	16.604	9.297
(c) Trade receivables	74.263	31.008	44.126
(d) Cash and cash equivalents	5.543	18.618	9.674
(e) Short-term loans and advances	0.000	0.000	22.140
(f) Other current assets	21.657	19.204	0.000
Total Current Assets	120.176	85.434	85.237
TOTAL	140.736	100.064	103.440

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	345.596	267.049
		Other Income	1.742	2.018
		TOTAL	347.338	269.067	180.692
Less	EXPENSES
		TOTAL	317.051	247.324	180.647
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		30.287	21.743	0.045
Less/ Add	DEPRECIATION/ AMORTISATION		1.758	1.917	2.126
	PROFIT/ (LOSS) BEFORE TAX		28.529	19.826	(2.081)
Less	TAX		7.361	6.591	(0.166)
	PROFIT/ (LOSS) AFTER TAX		21.168	13.235	(1.915)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.090	(4.145)	(2.230)
	BALANCE CARRIED TO THE B/S		30.258	9.090	(4.145)
	Earnings/ (Loss) Per Share (Rs.)		7.93	4.96	(0.72)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.09	4.92	(1.06)
Net Profit Margin (PBT/Sales)	(%)	8.26	7.42	NA
Return on Total Assets (PBT/Total Assets}	(%)	20.27	19.81	(2.05)
Return on Investment (ROI) (PBT/Networth)		0.50	0.55	0.09
Debt Equity Ratio (Total Debt/Networth)		1.08	1.40	3.39
Current Ratio (Current Asset/Current Liability)		5.88	6.68	18.86

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	26.703	26.703	26.703
Reserves & Surplus	(4.145)	9.090	30.258
Net worth	22.558	35.793	56.961
long-term borrowings	76.362	50.098	61.792
Short term borrowings	0.000	0.000	0.000
Total borrowings	76.362	50.098	61.792
Debt/Equity ratio	3.385	1.400	1.085

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	180.692	269.067	347.338
		48.909	29.090

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	180.692	269.067	347.338
Profit/ (Loss)	(1.915)	13.235	21.168
	(1.06%)	4.92%	6.09%

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans repayable on demand - Unsecured Loans from related parties	0.213	0.315
Total	0.213	0.315

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 2/5, Sarat Bose Road, Kolkata - 700020, West Bengal, India to the present address w.e.f.20.07.2012.

FIXED ASSETS:

· Air Conditioner

Ball Mill

Vehicles

Chemical Equipment

Computer and Printer

Electrical Installation

Factory Land and Building

Furniture and Fixtures

Generator

Lab Equipment

Office Equipment

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 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. 61.52
UK Pound	1	Rs. 102.22
Euro	1	Rs. 85.23

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

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

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

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