MIRA INFORM REPORT

Report No. :	305858
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	AMI ORGANICS PRIVATE LIMITED
Registered Office :	Plot No. 440/5 and 6, Road No. 82, G.I.D.C. Sachin, Surat – 394230, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.06.2007
Com. Reg. No.:	04-051093
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U24100GJ2007PTC051093
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTA03241A
PAN No.: [Permanent Account No.]	AAGCA4014R
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of drugs intermediate chemicals and related activities.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy financial risk profile marked by decent liquidity position 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 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 DENIED BY

Name :	Mr. Manish
Designation :	Accountant
Contact No.:	91-261-3222566
Date :	03.02.2015

LOCATIONS

Registered Office :	Plot No. 440/5 and 6, Road No. 82, G.I.D.C. Sachin, Surat – 394230, Gujarat, India
Tel. No.:	91-261-3222566/3222586/3292077
Mobile No.:	91-9824147318 (Mr. Naresh)
Fax No.:	91-261-2398436
E-Mail :	accounts@amiorganics.com gunjan.shah@amilifescience.com
Website :	www.amiorganics.com
Location :	Owned
Overseas Offices :	Located at: · USA · Europe

DIRECTORS

As on 30.09.2014

Name :

Mr. Nareshbhai Ramjibhai Patel

Designation :

Whole-Time Director

Address :

26, Saibaba Nagar, Opposite Katargam Fire Station, Katargam, Surat – 395004, Gujarat, India

Date of Birth/Age :

20.09.1974

Date of Appointment :

01.04.2009

DIN No.:

00906232

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	U24110GJ1994PTC021470	AMI LIFESCIENCES PRIVATE LIMITED	Whole-time director	01/01/2011	02/03/2007	-	Active	NO
2	U24100GJ2007PTC051093	AMI ORGANICS PRIVATE LIMITED	Whole-time director	01/04/2009	12/06/2007	-	Active	NO
3	U24119GJ2009PTC056031	CNR INTERMEDIATES PRIVATE LIMITED	Director	02/02/2009	02/02/2009	11/06/2011	Active	NO
4	U10101GJ2013PTC074537	CHAMUNDA STONE AND MARBLE PRIVATE LIMITED	Director	17/04/2013	17/04/2013	28/07/2014	Active	NO
5	U90009GJ2014PTC080465	ECOCLEAN BIOMEDICAL WASTE MANAGEMENT PRIVATE LIMITED	Director	12/08/2014	12/08/2014	-	Active	NO

Name :

Mr. Girishbhai Limbabhai Chovatia

Designation :

Whole-Time Director

Address :

B-22, OM Society, B/h. Mother School, Gotri Vasna Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

01.06.1969

Qualification :

MBA

Date of Appointment :

01.04.2009

DIN No.:

00907321

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	U24231GJ1991PTC014846	AURUM AGROCHEM PRIVATE LIMITED	Director	01/05/2000	01/05/2000	30/01/2014	Active	NO
2	U24110GJ1994PTC021470	AMI LIFESCIENCES PRIVATE LIMITED	Managing director	01/01/2011	24/12/2002	-	Active	NO
3	U24231GJ2003PTC041913	AMI DRUGS AND SPECIALITY CHEMICALS PRIVATE LIMITED	Director	28/01/2003	28/01/2003	-	Active	NO
4	U24100GJ2007PTC051093	AMI ORGANICS PRIVATE LIMITED	Whole-time director	01/04/2009	12/06/2007	-	Active	NO
5	U24200GJ2011PTC063805	AMI BIO TECH PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO

Name :

Mr. Chetanbhai Chhaganbhai Vaghashiya

Designation :

Whole-Time Director

Address :

B-202, Indra Prastha Complex, Opposite Nagina Wadi, Sumul Dairy Road, Surat – 395004, Gujarat, India

Date of Birth/Age :

11.04.1974

Date of Appointment :

01.04.2009

DIN No.:

01375540

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	U24100GJ2007PTC051093	AMI ORGANICS PRIVATE LIMITED	Whole-time director	01/04/2009	12/06/2007	-	Active	NO
2	U24119GJ2009PTC056031	CNR INTERMEDIATES PRIVATE LIMITED	Director	02/02/2009	02/02/2009	11/06/2011	Active	NO
3	U10101GJ2013PTC074537	CHAMUNDA STONE AND MARBLE PRIVATE LIMITED	Director	17/04/2013	17/04/2013	28/07/2014	Active	NO
4	U90009GJ2014PTC080465	ECOCLEAN BIOMEDICAL WASTE MANAGEMENT PRIVATE LIMITED	Director	12/08/2014	12/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Girishbhai Limbabhai Chovatia	375000
Nareshbhai Ramjibhai Patel	187500
Chetanbhai Chhaganbhai Vaghashiya	187500
Shitalben Nareshbhai Patel	187500
Parulben Chetanbhai Vaghasia	187500
Kiranben Girishbhai Chovatia	350000
Mehul Manukhbhai Koladia	10000
Haresh Hansrajbhai Chovatia	15000
Total	1500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the business of drugs intermediate chemicals and related activities.
Products :	Drugs Intermediate Chemicals
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Aceto France S.A.S

· A.C.R.A.F. S.P.A

· Alkem Laboratories Limited

· Ami Drugs & Speciality Chemicals Private Limited

· Ami Life Sciences Private Limited

· Amneal Pharmaceuticals Company (I) Private Limited

· Anthem Biosciences Private Limited

· Apl Research Centre RND

· Apotex Pharmachem India Private Limited

· Ashray Enterprises

· Aspen Oss B.V.

· Assia Limited

· Aurobindo Pharma Limited

· Cadila Healthcare Limited - Ahmedabad

· Cadila Healthcare Limited - Ankleshwar

· Cadila Healthcare Limited - Baroda

Customers :

· Bonny Chemicals

· Borregaard AS

· Chemicals Unlimited

· Chempure

· Geeta Biotech

· Harsiddhi Chemical

· Horizon Bioceuticals

· J J. Enterprise

· Nigam Industries

· Nikunj Chemicals

· Nikunj Corporation

· Swadev Chemicals

· Transpek Industry Limited

· Thermal Hazard Technology

· Ultima Chemicals

No. of Employees :

Information denied by management

Bankers :

· Indusind Bank Limited, G-2, Empire State Building, Near Udhana Darwaja, Ring Road, Surat - 395002, Gujarat, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
HDFC Bank	1.334	7.107
lndusInd Bank Loan A/c No.64629	4.129	0.000
lndusInd Bank Loan A/c No. 65008	1.916	0.000
SHORT TERM BORROWINGS
Cash credit A/C with HDFC bank limited	90.417	54.336
Total	97.796	61.443

Auditors :
Name :	Bela Mehta and Associates Chartered Accountants
Address :	A-204, Shri Siddhi Vinayak Commercial Complex, Opposite Alkapuri Side Railway Station, Near Shilalekh, Vadodara – 390007, Gujarat , India
Tel. No.:	91-265-2322549
E-Mail :	bma-ca@rediffmail.com vcbs2005@yahoo.co.in
PAN No.:	AAEFB5483G
Memberships :	--
Collaborators :	--
Related Parties :	· AMR Drugs and Speciality Chemicals Private Limited · AMI Life Sciences Private Limited · AMI Life Sciences Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	15.000	15.000
(b) Reserves & Surplus	95.647	66.610	46.087
(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)	110.647	81.610	61.087
(3) Non-Current Liabilities
(a) long-term borrowings	14.490	13.777	1.596
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	14.490	13.777	1.596
(4) Current Liabilities
(a) Short term borrowings	90.417	54.336	53.709
(b) Trade payables	146.105	91.169	92.229
(c) Other current liabilities	21.766	18.633	8.791
(d) Short-term provisions	4.838	5.592	3.457
Total Current Liabilities (4)	263.126	169.730	158.186
TOTAL	388.263	265.117	220.869
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.558	43.613	49.105
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	16.258	4.597	2.471
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.286	5.520	3.572
(c) Deferred tax assets (net)	2.189	1.836	1.227
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.027	0.018	0.023
Total Non-Current Assets	73.318	55.584	56.398
(2) Current assets
(a) Current investments	2.500	2.500	0.000
(b) Inventories	112.230	62.300	60.656
(c) Trade receivables	135.569	108.251	82.276
(d) Cash and cash equivalents	1.891	5.594	7.432
(e) Short-term loans and advances	62.755	30.888	14.107
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	314.945	209.533	164.471
TOTAL	388.263	265.117	220.869

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	720.000	555.142	338.988
		Other Income	7.900	4.668	7.012
		TOTAL (A)	727.900	559.810	346.000
Less	EXPENSES
		Cost of Materials Consumed	494.310	370.276	253.409
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(20.377)	(11.955)	(26.862)
		Employee Benefits Expenses	37.500	34.266	27.410
		Other Expenses	149.848	116.187	50.187
		Deferred revenue expenses written off	0.005	0.005	0.044
		TOTAL (B)	661.286	508.779	304.188
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.614	51.031	41.812
Less	FINANCIAL EXPENSES (D)		15.014	11.136	10.944
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		51.600	39.895	30.868
Less	DEPRECIATION/ AMORTISATION (F)		7.975	9.018	10.521
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		43.625	30.877	20.347
Less	TAX (H)		14.588	10.354	6.846
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		29.037	20.523	13.501
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		66.610	46.087	32.586
	BALANCE CARRIED TO THE B/S		95.647	66.610	46.087
	Earnings / (Loss) Per Share (Rs.)		19.36	13.68	9.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.03	3.70	3.98
Operating Profit Margin (PBDIT/Sales)	(%)	9.25	9.19	12.33
Return on Total Assets (PBT/Total Assets}	(%)	12.03	12.20	9.53
Return on Investment (ROI) (PBT/Networth)		0.39	0.38	0.33
Debt Equity Ratio (Total Debt /Networth)		0.95	0.83	0.91
Current Ratio (Current Asset/Current Liability)		1.20	1.23	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	15.000	15.000	15.000
Reserves & Surplus	46.087	66.610	95.647
Share Application money pending allotment	0.000	0.000	0.000
Net worth	61.087	81.610	110.647
Long Term borrowings	1.596	13.777	14.490
Short Term borrowings	53.709	54.336	90.417
Total borrowings	55.305	68.113	104.907
Debt/Equity ratio	0.905	0.835	0.948

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	338.988	555.142	720.000
		63.764	29.697

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	338.988	555.142	720.000
Profit	13.501	20.523	29.037
	3.98%	3.70%	4.03%

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Axis Bank Car Loan	0.067	0.253
HDFC - Geneo Commercial Loan	0.000	0.143
Magma Fincorp Limited	0.000	0.000
Religare Finvest Limited	2.833	1.613
Deutsche Bank AG	1.395	0.000
HDFC Renault Car Loan	0.780	0.000
Standard Chartered Bank Loan	2.036	4.661
Total	7.111	6.670

GENERAL INFORMATION:

The company is a private company domiciled in India and incorporated under the provisions of the companies Act. 1956. The Company is engaged in the business of drugs intermediate chemicals and related activities.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10453315	20/09/2013	80,000,000.00	Indusind Bank Limited	G-2, Empire State Bldg,, Near Udhana Darwaja, Ring Road,, Surat, Gujarat - 395002, India	B86772910
2	10451132	27/08/2013	80,000,000.00	Indusind Bank Limited	G-2, Empire State Bldg,, Near Udhana Darwaja, Ring Road,, Surat, Maharashtra - 395002, India	B85761740
3	10367182	21/07/2012	90,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B44385540
4	10351408	28/01/2015 *	132,639,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C41841255

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.