MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	BELAMI FINE CHEMICALS PRIVATE LIMITED
Registered Office :	1, Kasturi Building, 30, Popatwadi, Kalabadevi Road, Mumbai - 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.09.1973
Com. Reg. No.:	11-035076
Capital Investment / Paid-up Capital :	Rs. 0.250 Million
CIN No.: [Company Identification No.]	U24110MH1973PTC035076
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11442E
PAN No.: [Permanent Account No.]	AAACB2987J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Laboratory Fine Chemical.
No. of Employees :	40 (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 170000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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 – 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.

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

Name :	Ms. Prerna
Designation :	Accountant
Contact No.:	91-22-22051092
Date :	13.10.2014

LOCATIONS

Registered / Administrative Office :	1, Kasturi Building, 30, Popatwadi, Kalabadevi Road, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-22051092
Mobile No.:	91-9820082132/ 8879390470 (Mr. Mitran Dinker Vakil)
Fax No.:	91-22-22019611
E-Mail :	belamifinechem@gmail.com belamifinechem@vsnl.com
Website :	www.belamifinechem.com
Location :	Owned
Corporate Office :	29, Gopal Bhuvan, 2^nd Floor, 199 Princess Street Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22051092/ 22051093
Fax No.:	91-22-22019611
Factory :	C-308, TTC Industrial Area, Thane, Belapur Road, Navi Mumbai, Mumbai – 400705, Maharashtra, India.

DIRECTORS

As on 30.09.2013

Name :

Mr. Sandeep Chimanlal Vasa

Designation :

Director

Address :

58-B, Walkeshwar Road, Krishna Niwas, 3^rd Floor, Mumbai - 400006, Maharashtra, India

Date of Birth :

28.10.1963

Date of Appointment :

01.12.2007

DIN No:

01648263

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	U24110MH1973PTC035076	BELAMI FINE CHEMICALS PVT LTD	Director	01-12-2007	01-12-2007	Active	NO
2	U28992MH1980PTC022591	TINYCHEM SPECIALITIES PRIVATE LIMITED	Additional director	01-09-2014	14-09-2011	Active	NO

Name :

Mrs. Pallavi Mitran Vakil

Designation :

Director

Address :

26/45-D, Venus Apartments, R.G Thadani Marg, Worli Sea Face, Mumbai - 400018, Maharashtra, India

Date of Birth :

27.08.1968

Date of Appointment :

01.06.1998

DIN No:

01648258

Name :

Mr. Mitran Dinker Vakil

Designation :

Director

Address :

26/45- D, Venus Apartments, R.G Thadani Marg, Worli Sea Face, Mumbai - 400018, Maharashtra, India

Date of Birth :

14.07.1964

Date of Appointment :

01.09.1986

DIN No:

01648220

Name :

Mr. Manoj Anil Shah

Designation :

Director

Address :

Block No. 4, Savitri Niwas, 163-D Purandare Park, Dr. Ambedkar Road, Dadat TT, Mumbai - 400014, Maharashtra , India

Date of Birth :

12.01.1963

Date of Appointment :

01.06.1998

DIN No:

06519509

Name :

Mr. Parag Bipin Jhaveri

Designation :

Director

Address :

68-A, Skyscraper, Breach Candy, Warden Road, Malabar Hill, Mumbai - 400026, Maharashtra, India

Date of Birth :

20.11.1965

Date of Appointment :

12.06.2014

DIN No:

00299669

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	U29263MH1954PTC009425	SAMUEL DRACUP AND SONS (INDIA) PRIVATE LIMITED	Director	10-10-2002	10-10-2002	Dissolved	NO
2	U24110MH1973PTC035076	BELAMI FINE CHEMICALS PRIVATE LIMITED	Director	12-06-2014	01-12-2007	Active	NO
3	U28992MH1980PTC022591	TINYCHEM SPECIALITIES PRIVATE LIMITED	Additional director	01-09-2014	14-09-2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Prerna
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Vakil Mitran Dinker	1750	70.00
Vakil Pallavi Mitran	750	30.00
Total	2500	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Laboratory Fine Chemical.
Products :	· Organic Chemicals · Inorganic Chemicals · Stain / Indicator Chemicals · Performance Chemicals etc.
Exports :
Countries :	· USA · UK
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

No. of Employees :

40 (Approximately)

Bankers :

· State Bank of India, Opera House, Mumbai, Maharashtra, India

· Corporation Bank, Kalbadevi, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Overdraft Facilities from Banks - Rupee Loans	7.789	3.133
Total	7.789	3.133

Nature of security:

Working Capital Facilities from Banks are secured by pledge of Fixed Deposits of the same Bank and the rate of interest is 2% above the Fixed Deposit interest rate.

Banking Relations :	--
Auditors :
Name :	Pravinchandra and Company (Prop. Pravinchandra N. Shah) Chartered Accountants
Address :	601-A, Niranjan, 99, Marine Drive, Mumbai – 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAHPS3182J

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs.100/- each	Rs. 0.500 Million
5,000	Unclassified Shares	Rs.100/- each	Rs. 0.500 Million
	Total		Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500	Equity Shares	Rs.100/- each	Rs. 0.250 Million

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	0.250	0.250	0.250
(b) Reserves & Surplus	42.041	32.210	22.098
(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)	42.291	32.460	22.348
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.489	0.415	0.371
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.131	0.439	0.525
Total Non-current Liabilities (3)	0.620	0.854	0.896
(4) Current Liabilities
(a) Short term borrowings	7.789	3.133	2.991
(b) Trade payables	15.790	13.714	10.364
(c) Other current liabilities	4.166	1.264	3.179
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	27.745	18.111	16.534
TOTAL	70.656	51.425	39.778
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.058	5.688	5.618
(ii) Intangible Assets	0.025	0.025	0.025
(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	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	2.443	1.685	1.720
Total Non-Current Assets	10.526	7.398	7.363
(2) Current assets
(a) Current investments	1.469	1.102	0.735
(b) Inventories	14.742	9.364	7.954
(c) Trade receivables	23.798	18.153	12.206
(d) Cash and cash equivalents	18.391	12.403	9.376
(e) Short-term loans and advances	1.262	2.373	1.985
(f) Other current assets	0.468	0.632	0.159
Total Current Assets	60.130	44.027	32.415
TOTAL	70.656	51.425	39.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	123.234	115.415	76.991
		Other Income	1.579	1.212	0.681
		TOTAL (A)	124.813	116.627	77.672
Less	EXPENSES
		Cost of Materials Consumed		72.502	47.746
		Changes in Inventory		-0.636	-0.051
		Employees benefits expense		16.939	13.189
		Other expenses		11.761	6.877
		TOTAL (B)	109.412	100.566	67.761
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.401	16.061	9.911
Less	FINANCIAL EXPENSES (D)		0.436	0.601	0.248
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.965	15.460	9.663
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.410	0.363	0.315
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		14.555	15.097	9.348
Less	TAX (H)		4.724	4.985	2.762
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		9.831	10.112	6.586
	Earnings / (Loss) Per Share (Rs.)		3932.40	4044.80	2634.40

Particulars	31.03.2014
Sales Turnover (Approximately)	125.000

The above information has been parted by Mr. Prerna (Accountant).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.88	8.67	8.48
Net Profit Margin (PBT/Sales)	(%)	11.81	13.08	12.14
Return on Total Assets (PBT/Total Assets}	(%)	20.60	29.36	23.50
Return on Investment (ROI) (PBT/Networth)		0.34	0.47	0.42
Debt Equity Ratio (Total Debt/Networth)		0.18	0.10	0.13
Current Ratio (Current Asset/Current Liability)		2.17	2.43	1.96

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	0.250	0.250	0.250
Reserves & Surplus	22.098	32.210	42.041
Net worth	22.348	32.460	42.291
long-term borrowings	0.000	0.000	0.000
Short term borrowings	2.991	3.133	7.789
Total borrowings	2.991	3.133	7.789
Debt/Equity ratio	0.134	0.097	0.184

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	76.991	115.415	123.234
		49.907	6.775

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	76.991	115.415	123.234
Profit	6.586	10.112	9.831
	8.55%	8.76%	7.98%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	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	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	90214567	10/07/1997 *	1,530,000.00	STATE BANK OF INDIA	OPERA HOUSE BRANCH, BOMBAY, MAHARASHTRA - 400004, INDIA	-
2	90214381	03/05/1990 *	760,000.00	STATE BANK OF INDIA	OPERA HOUSE BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
3	90210799	06/10/1990 *	610,000.00	STATE BANK OF INDIA	OPERA HOUSE BRANCH, UNITY HOUSE MAMA PARMANAND MARG, BOMBAY, MAHARASHTRA - 400004, INDIA	-
4	90211483	06/02/1986	610,000.00	STATE BANK OF INDIA	OPERA HOUSE BRANCH, UNITY HOUSE MAMA PARMANAND MARG, BOMBAY, MAHARASHTRA - 400004, INDIA	-
5	90211270	04/07/1980	750,000.00	STATE BANK OF INDIA	OPERA HOUSE BRANCH, UNITY HOUSE MAMA PARMANAND MARG, BOMBAY, MAHARASHTRA - 400004, INDIA	-
6	90211220	07/04/1975	150,000.00	STATE BANK OF INDIA	ODHAV BRANCH, AHMEDABAD, GUJARAT - 380021, INDIA	-
7	90215894	26/07/1974	30,000.00	GUJRAT VEPARI MAHAMANDAL SAHAKARI AUDYOJE VASAHAT LIMITED	ODHAV, AHMEDABAD, GUJARAT, INDIA	-
8	90211211	27/06/1974	50,000.00	STATE BANK OF INDIA	ODHAV BRANCH, AHMEDABAD, GUJARAT - 380021, INDIA	-
9	90211208	15/01/1974	30,000.00	DENA BANK	SANDHANA BRANCH, BOMBAY, MAHARASHTRA - 400004, INDIA	-

* Date of charge modification

OPERATIONS:

During the year, the gross income has gone up from Rs.116.627 Millions to Rs.124.813 Millions, a marginal increase of 7.02%, however the Net Profit is decreased from Rs.10.112 Millions to Rs.9.831 Millions, a decrease of 2.78% during the year. The Profit for the year is marginally less than that of year, this is due to rising in the cost of raw materials and other direct expenses. However the results are satisfactory. The Performance Chemical Division (PCD) which was started in Sept-2007 has shown remarkable growth. The Brand Name ‘Strata foam’ has been accepted well in the market. During the year this division added new clients many of whom are multinational entities. It has also started exporting to South East Asian and European countries. Barring unforeseen circumstances, the Company would try to repeat the performance of the last year.

FIXED ASSETS

Tangible Assets

· Factory Building

· Office Premises

· Plant and Machinery

· Electrical Installations

· Office Equipments

· Computers and Printers

· Furniture and Fixtures

· Motor Car

· Scooters

Intangible Assets

· Software

· Goodwill

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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
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	YES
--AFFILIATION	YES/NO	NO
--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.