MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	ARDOR INTERNTIONAL PRIVATE LIMITED
Registered Office :	‘Ardor House’ Mondeal Business Park, Beside Gurudwara, S.G. Road, Thaltej, Ahmedabad – 380059, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.02.2003
Com. Reg. No.:	04-042016
Capital Investment / Paid-up Capital :	Rs.1450.000 Millions
CIN No.: [Company Identification No.]	U51909GJ2003PTC042016
Legal Form :	Private limited liability company.
Line of Business :	Trader and importer of chemicals.
No. of Employees :	44 (Approximately)

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 10000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. A reserve of the company is low. However, the rating takes into consideration company’s sound financial risk profile marked by decent capital base and fair profitability levels of the company. 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 condition.

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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	July 08, 2014
Rating Agency Name	CRISIL
Rating	Short term rating A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	July 08, 2014

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.

INFORMATION PARTED BY (General Details)

Name :	Mr. Yogesh Shah
Designation :	Accounts Manager
Contact No.:	91-79-66219999
Date :	04.10.2014

LOCATIONS

Registered Office :	'Ardor House' Mondeal Business Park, Beside Gurudwara, S G Road, Thaltej, Ahmedabad – 380059, Gujarat, India
Tel. No.:	91-79-66219999/26584511/26584514
Fax No.:	91-79-66219988/26584515
E-Mail :	Yogesh.shah@ardor-group.com ardor@ardor-group.com
Website :	http://www.ardor-group.com
Area :	3000 Sq. Ft.
Location :	Rented
Branches :	Located At: · Mumbai · Indore · Kanpur · Silvassa · Gandhidham
Godown :	Aslali, Ahmedabad, India

DIRECTORS

Name :

Mr. Bharat shah

Designation :

Director

Date of Appointment :

01.03.2010

DIN No.:

02438343

Name :

Mr. Fenil Shah

Designation :

Managing Director

Date of Appointment :

18.02.2003

DIN No.:

00044522

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	U51909GJ2003PTC042016	ARDOR INTERNATIONAL PRIVATE LIMITED	Managing director	01/04/2010	18/02/2003	-	Active	NO
2	U17119GJ1990PTC014273	JAYCO SYNTHETICS PVT LTD	Director	31/05/2003	31/05/2003	-	Active	NO
3	U24241GJ2003PTC042771	INFINIUM DET-CHEM PRIVATE LIMITED	Director	21/08/2003	21/08/2003	-	Active	NO
4	U67190GJ2007PTC050606	ARDOR IN-FIN PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO
5	U45201GJ2009PTC057769	ARDOR STRUCTURES PRIVATE LIMITED	Director	12/08/2009	12/08/2009	22/01/2014	Active	NO
6	U45201GJ2009PTC057922	GREENLAND INFRACON PRIVATE LIMITED	Director	29/08/2009	29/08/2009	22/01/2014	Active	NO
7	U24100GJ2009PTC057712	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED	Managing director	01/04/2011	30/08/2009	-	Active	NO
8	U24100GJ2011PTC064221	ARDOR CHEMICALS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
9	U24100GJ2011PTC064237	ARDOR OVERSEAS PRIVATE LIMITED	Director	01/03/2011	01/03/2011	22/01/2014	Active	NO
10	U24100GJ2011PTC064235	ARDOR GLOBAL PRIVATE LIMITED	Managing director	11/10/2012	01/03/2011	-	Active	NO
11	U51909GJ2013PTC075770	CLARION GLOBAL TRADE PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO
12	U51909GJ2013PTC075774	INSIGNIA INTERNATIONAL PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO

Name :

Mrs. Gita B. Shah

Designation :

Director

Date of Appointment :

18.02.2003

DIN No.:

00049071

KEY EXECUTIVES

Name :	Mr. Yogesh Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Fenil Shah	131675000
Gitaben Shah	131675000
Janki Shah	131675000
Smita Rakesh Bhatt	1715000
Shilpa R Shah	1715000
Hasmukh Thakor	842500
Umang S Patel	842500
Navin D Thakor	842500
Nilesh A Solanki	842500
Nipesh R Shah	1067500
Kamini Soni	1715000
Amitaben A Shah	1225000
Shaileshkumar R Shah	625000
Shaileshkumar R Shah HUF	625000
Arunkumar R Shah HUF	1135000
Ruchit Arunkumar Shah	1135000
Nayanaben Arunkumar Shah	1110000
Milanbhai B Mehta HUF	1166250
Shrikesh Mehta HUF	1166250
Nitaben M Mehta	1166250
Malvikaben S Mehta	1166250
Vasumati N Mehta	1772500
Bharat Shah	131675000
Jinal Shah	131675000
Nayankumar Mehta	6000000
Ardor In-fin Private Limited	131675000
Ardor Structures Private Limited	131675000
Greenland Infracon Private Limited	131675000
Infinium Det Chem Pvt Ltd	130300000
Jayco Synthetics Pvt Ltdc	130300000
Ardor Global Pvt Ltd	108125000
Total	1450000000

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	52.67
Directors or relatives of Directors	47.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and importer of chemicals.

Products :

Item Code No. (ITC Code)	Product Description
28111940	Acid Slurry (Sulphonic Acid)
34021190	Dodecyle Benzene
3870011	Linear Alkyl Benzene
28362020	Soda Ash Light
38249022	Sodium Alluminium Silicate (Zeolite)
28353100	Sodium Tripolyphosphate
38249090	Other Chemicals NE

Imports :

Products :

Chemicals

Countries :

· Europe

· China

· Iran

· Iraq

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

44 (Approximately)

Bankers :

· Bank Of India Ahmedabad Large Corporate Branch, 2nd Floor, Boi Building, Bhadra, Ahmedabad - 380001, Gujarat, India

· Central Bank of India, Mid Corporate Central Bank Building, Lal Darwaja, Ahmedabad – 380001, Gujarat, India

· Axis Bank Limited, Opposite Samartheshwar Temple, Law Garden, Ellisebridge, Ahmedabad – 380009, Gujarat, India

· State Bank of India, overseas branch, Ahmedabad, India

· Punjab National Bank, Nehru nagar, Ahmedabad, India

· Bank of Baroda, Mid Corporate Branch, Ahmedabad, India

· National Bank of India, IFB Branch, Ahmedabad, India

· Rajkot Nagrik Sahakari Bank, Ahmedabad, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans	153.982	115.193
Other loans and advances from director	0.000	1.188
SHORT TERM BORROWINGS
Working capital loans from Banks	2484.508	846.702
Total	2638.490	963.083

Banking Relations :	--
Auditors :
Name :	Vipul and Manish Associate Chartered Accountant
Address :	True Value House, Opposite ISRO, Near Sundarvan Bus Stop, Satellite, Ahmedabad – 380 015, Gujarat, India
PAN No.:	AACFV2807J
Associates/Subsidiaries :	· Chem-Edge International Private Limited CIN No. : U24100GJ2009PTC057712 · Ardor Global Private Limited CIN No. : U24100GJ2011PTC064235 · Infinium Det-Chem Private Limited CIN No. : U24241GJ2003PTC042771

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
145000000	Equity Shares	Rs.10/- each	Rs.1450.000 Millions

After 27.09.2013

Authorised Capital : Equity Shares Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital : Equity Shares Rs.1950.000 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	1450.000	1050.000	425.000
(b) Reserves & Surplus	637.068	376.310	233.606
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	500.000	200.000	250.000
Total Shareholders’ Funds (1) + (2)	2587.068	1626.310	908.606
(3) Non-Current Liabilities
(a) long-term borrowings	804.653	603.330	489.698
(b) Deferred tax liabilities (Net)	9.343	1.687	1.594
(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)	813.996	605.017	491.292
(4) Current Liabilities
(a) Short term borrowings	2484.508	846.702	598.859
(b) Trade payables	2544.137	1844.574	1234.208
(c) Other current liabilities	73.194	90.441	43.703
(d) Short-term provisions	72.052	27.882	16.541
Total Current Liabilities (4)	5173.891	2809.599	1893.311
TOTAL	8574.955	5040.926	3293.209
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	696.795	10.100	11.275
(ii) Intangible Assets	2.895	0.182	0.154
(iii) Capital work-in-progress	0.000	263.584	195.411
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.500	2.500	41.671
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.888	0.239	0.247
(e) Other Non-current assets	6.010	4.370	1.230
Total Non-Current Assets	710.088	280.975	249.988
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1536.226	807.925	613.051
(c) Trade receivables	5965.346	2910.986	2172.093
(d) Cash and cash equivalents	266.776	963.341	154.492
(e) Short-term loans and advances	96.519	77.699	103.585
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	7864.867	4759.951	3043.221
TOTAL	8574.955	5040.926	3293.209

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	19815.633	10957.846	9014.311
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	19415.643	10743.048	8846.930
	PROFIT/ (LOSS) BEFORE TAX		399.990	214.798	167.381
Less	TAX		139.232	72.094	58.067
	PROFIT/ (LOSS) AFTER TAX		260.758	142.704	109.314
	Earnings / (Loss) Per Share (Rs.)		1.80	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.32	1.30	1.21
Return on Total Assets (PBT/Total Assets}	(%)	4.67	4.50	5.48
Return on Investment (ROI) (PBT/Networth)		0.15	0.13	0.18
Debt Equity Ratio (Total Liability/Networth)		1.27	0.89	1.20
Current Ratio (Current Asset/Current Liability)		1.52	1.69	1.61

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	425.000	1050.000	1450.000
Reserves & Surplus	233.606	376.310	637.068
share application money	250.000	200.000	500.000
Net worth	908.606	1626.310	2587.068
long-term borrowings	489.698	603.330	804.653
Short term borrowings	598.859	846.702	2484.508
Total borrowings	1088.557	1450.032	3289.161
Debt/Equity ratio	1.198	0.892	1.271

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	9014.311	10957.846	19815.633
		21.561	80.835

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	9014.311	10957.846	19815.633
Profit	109.314	142.704	260.758
	1.21%	1.30%	1.32%

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	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	---
22]	Litigations that the firm / promoter involved in	---
23]	Banking Details	Yes
24]	Banking facility details	No
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	No
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:

The Registered office has again shifted from D, E and F, Mondeal Business Park, Beside Gurudwara, S.G. Highway Road, Thaltej, Ahmedabad – 380054, Gujarat, India to the present address w.e.f. 25.03.2013

UNSECURED LOANS

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	650.671	486.949
Total	650.671	486.949

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10462635	29/11/2013	100,000,000.00	BANK OF INDIA	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BOI  BUILDING, BHADRA, AHMEDABAD, Gujarat - 380001, INDIA	B90517772
2	10421955	28/03/2013	674,000,000.00	State Bank of India	Overseas Branch,3rd Floor, Amrut Jayanti Bhavan,,  Navjeevan Trust Sankul,, Ahmedabad, Gujarat - 380014, INDIA	B73792830
3	10269021	24/07/2014 *	5,850,000,000.00	PNB INVESTMENT SERVICE LTD - SEC TRUSTEE OF BOI CONSRTIM BOI SBI AXIS PNB CBI RNSB UBI BOB	C / O PUNJAB NATIONAL BANK CIRCLE OFFICE 6TH FLOOR, GUJARAT BHAVAN OPP M J LIBRARY ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	C12563490
4	90107105	24/07/2014 *	5,850,000,000.00	PNB INVESTMENT SERVICE LTD - SEC TRUSTEE OF BOI CONSRTIM BOI SBI AXIS PNB CBI RNSB UBI BOB	C / O PUNJAB NATIONAL BANK CIRCLE OFFICE 6TH FLOOR, GUJARAT BHAVAN OPP M J LIBRARY ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	C12562468

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.61.75
UK Pound	1	Rs.100.06
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	KAR
Report Prepared by :	JYTK

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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
DEFAULTER
--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.