MIRA INFORM REPORT

Report No. :	327727
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED
Registered Office :	Arena Space, 9^th Floor, New Shyam Nagar Road, Off. Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400 060, Maharashtra
Tel. No.:	91-22-66196000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.01.1997
Com. Reg. No.:	11-105255
Capital Investment / Paid-up Capital :	Rs.45.000 million
CIN No.: [Company Identification No.]	U74130MH1997PTC105255
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and compounding of chemicals and essential oils for perfumery compound and flavoring essence.
No. of Employees :	Information declined by the 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 1254500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a subsidiary of “Firmench Trading Corporation”. It is an established company having satisfactory track record. For the financial year ended 2014, company has reported healthy operational performance with 11.87% sales turnover growth and it has maintained profitability margins at 3.91%. Rating also takes into account of company’s sound financial risk profile marked by above average debt protection metrics and strong support that company receives from its holding company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding company support backed by healthy operational base, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Vikas Jadhav
Designation :	Accounts and Finance Department
Contact No.:	91-22-66196000
Date :	05.06.2015

LOCATIONS

Registered Office :	Arena Space, 9^th Floor, New Shyam Nagar Road, Off. Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400 060, Maharashtra, India
Tel. No.:	91-22-66196000
Fax No.:	91-22-66196010
E-Mail :	suman.sinha@firmenich.com sudhir.rao@firmenich.com
Website :	www.firmenich.com
Factory :	Survey No.57/3(4), Village Dunetha, Daman Bhenslore Road, Daman – 396 210, Daman and Diu, India
Tel. No.:	91-260-2260827
Fax No.:	91-260-2262602

DIRECTORS

AS ON 04.09.2014

Name :	Patrick Roger Firmenich
Designation :	Director
Address :	384, Route DE Laussane, 1294, Genthod, Switzerland
Date of Birth/Age :	21.09.1962
Date of Appointment :	01.04.2003
DIN No. :	00671360
Name :	Mr. David Carlton Shipman
Designation :	Director
Address :	12, Highland Avenue, New Jersey, USA 08732
Date of Birth/Age :	03.08.1960
Date of Appointment :	01.12.2003
DIN No. :	00671424
Name :	Eric Nicolas
Designation :	Director
Address :	18, Avenue Talamon, Chaville, France 92370
Date of Birth/Age :	08.05.1960
Date of Appointment :	27.09.2011
DIN No. :	03393757
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	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Director	27/09/2011	25/03/2011	-	Active	NO

Name :	Suman Sinha
Designation :	Whole-time director
Address :	A1/202, Ganga Hamlet Society, Viman Nagar, Pune – 411 014, Maharashtra, India
Date of Appointment :	24.04.2015
DIN No.:	05313557
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	U24119MH2007FTC170590	FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED	Director	28/09/2012	28/06/2012	-	Active	NO
2	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Whole-time director	24/04/2015	24/04/2015	-	Active	NO

Name :	Mr. Arijit Ganguli
Designation :	Managing Director
Address :	73, Royde Park, Rishi Bankimchandra, Behala, Kolkata – 700 034, West Bengal, India
Date of Birth/Age :	20.05.1970
Date of Appointment :	24.04.2015
DIN No.:	06688173
PAN No.:	ADDPG8432C
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	U24119MH2007FTC170590	FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED	Managing director	25/09/2013	25/09/2013	-	Active	NO
2	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Managing director	24/04/2015	24/04/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikas Jadhav
Designation :	Accounts and Finance Department
Name :	Mr. Arijit Ganguli
Designation :	Manager
Address :	73, Royde Park, Rishi Bankimchandra, Behala, Kolkata – 700 034, West Bengal, India
Date of Birth/Age :	20.05.1970
Date of Appointment :	22.10.2013
PAN No.:	ADDPG8432C
Name :	Mr. Haresh Totlani
Designation :	Head - CDC, India
Date of Birth/Age :	39 Years
Qualification :	B. Tech, MBA
Experience :	16 Years
Date of Appointment :	01.08.2012
Name :	P. Srinivasan
Designation :	Head - Perfumery, India
Date of Birth/Age :	48 Years
Qualification :	B. Tech, MBA
Experience :	22 Years
Date of Appointment :	21.08.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Asit Madhusudan Patel	13500	3.00
M.C. Davar Holdings Private Limited, India	103500	23.00
Firmenich Trading Corporation, Switzerland	333000	74.00
Total	450000	100.00

AS ON 04.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	74.00
Bodies corporate	23.00
Directors or relatives of Directors	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing and compounding of chemicals and essential oils for perfumery compound and flavoring essence.
Products :	Chemicals Essential Oils
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excellus, 1^st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400 011, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Firmench Trading Corporation
Ultimate Holding Company:	Firmenich International S.A.
Investing Associate:	M C Davar Holdings Private Limited (formerly known as M C Davar Aromatics Private Limited) (holds 23% of issued, subscribed and paid up capital)
Fellow Subsidiary Companies:	Firmenich SA - (Firsa) Firmenich Incorporated - (Firinc) Firmenich UK Limited - (Firlon) Firmenich (PTY) Limited - (Firsouth) Nihon Firmenich Kabushiki Kaisya (KK) - (Firnin) Firmenich Limited - (Firsyd) Firmenich Asia Pte Limited - (Firsin) PT Firmenich Indonesia - (Firjava) Firmenich de Mexico S.A. de C.V. - (Firmex) Kunming Firmenich Aromatics Company Limited - (Firming) Firmenich de Colombia - (Fideco) Firmenich and Cia. Limited - (Fibras) Firmenich Belgium S.A - (Firbell) Firmenich FZ-LLC - (Firgulf) Firmenich Sociedad Anonima Industrial, Comercial y Fianciera - (Firar) Firmenich Aromatics (China) Co., Limited - (Firchina) Firmenich (Thailand) Limited - (Firthai) Firmenich Aromatics Production (India) Private Limited - (Firguj) Firmenich Grasse SAS - (Firgras) Firmenich Saint Louis - (Firlouis) Firmenich and CIE S.A.S. (Firpar) PT. Firmenich Aromatics Indonesia (Firsea)

CAPITAL STRUCTURE

AS ON 04.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	45.000	45.000	45.000
(b) Reserves & Surplus	394.058	462.170	473.681
(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)	439.058	507.170	518.681
(3) Non-Current Liabilities
(a) Long-term borrowings	269.505	244.260	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.897	1.597	0.000
(d) Long-term provisions	58.352	39.667	43.747
Total Non-current Liabilities (3)	331.754	285.524	43.747
(4) Current Liabilities
(a) Short term borrowings	898.543	662.703	721.404
(b) Trade payables	1228.753	826.960	652.908
(c) Other current liabilities	280.121	291.810	283.446
(d) Short-term provisions	94.969	177.994	100.095
Total Current Liabilities (4)	2502.386	1959.467	1757.853
TOTAL	3273.198	2752.161	2320.281
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	376.126	99.702	62.309
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	36.986	263.012	5.445
(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)	21.152	60.347	59.101
(d) Long-term Loan and Advances	258.330	207.586	164.273
(e) Other Non-current assets	1.447	1.447	1040.656
Total Non-Current Assets	694.041	632.094	1331.784
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	919.481	690.754	773.934
(c) Trade receivables	1440.142	1147.493	0.000
(d) Cash and cash equivalents	8.894	36.569	12.798
(e) Short-term loans and advances	201.305	237.385	196.731
(f) Other current assets	9.335	7.866	5.034
Total Current Assets	2579.157	2120.067	988.497
TOTAL	3273.198	2752.161	2320.281

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5060.474	4523.331	3744.115
		Other Income
		TOTAL	5060.474	4523.331	3744.115
Less	EXPENSES
		Office Expenses	4862.052	4362.173	3853.658
		Administrative Expenses
		Advertising Expenses
		TOTAL	4862.052	4362.173	3853.658
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		198.422	161.158	(109.543)
Less/ Add	DEPRECIATION/ AMORTISATION		72.827	24.021	(26.006)
	PROFIT/ (LOSS) BEFORE TAX		125.595	137.137	(83.537)
Less	TAX		71.402	52.856	(34.525)
	PROFIT/ (LOSS) AFTER TAX		54.193	84.281	(49.012)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	96.840	142.611	NA
		Commission on sales	15.315	20.728	NA
		Freight Revenue	4.220	4.520	NA
	TOTAL EARNINGS		116.375	167.859	NA
	Earnings / (Loss) Per Share (Rs.)		120.43	187.29	(108.92)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	208.056	284.583	(351.893)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.91	5.65	(3.70)
Return on Investment (ROI) (PBT/Networth)		0.29	0.27	(0.16)
Debt Equity Ratio (Total Debt /Networth)		2.66	1.79	1.39
Current Ratio (Current Asset/Current Liability)		1.03	1.08	0.56

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	45.000	45.000	45.000
Reserves & Surplus	473.681	462.170	394.058
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	518.681	507.170	439.058
Long Term borrowings	0.000	244.260	269.505
Short Term borrowings	721.404	662.703	898.543
Total borrowings	721.404	906.963	1168.048
Debt/Equity ratio	1.391	1.788	2.660

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	3744.115	4523.331	5060.474
		20.812	11.875

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	3744.115	4523.331	5060.474
Profit	(49.012)	84.281	54.193
	(1.31%)	1.86%	1.07%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

CASE DETAILS
Bench:- Bombay
Lodging No:-	ITXAL/320/2013	Failing Date:-	20.02.2013			Reg. No.:-	ITXA/2483/2013	Reg. Date:-	24.12.2013
Petitioner:-	COMMSSIONER OF INCOME TAX-4		Respondent:-			FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED
Petn. Adv:-	SURESH KUMAR (0)			Resp. Adv.:		0 (0)
District:-	MUMBAI
Bench:-	DIVISION			Category:		TAX APPEALS
Status:-	Pre-Admission		Stage:-			FOR ADMISSION
Next Date:-	27.07.2015
Coram:-	HON’BLE SHRI JUSTICE M.S. SANKLECHA HON’BLE SHRI JUSTICE N.M. JAMDAR
Last Date:-	20.03.2013
Last Coram :-	HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE M.S. SANKLECHA
Act:-	Income Tax Act, 1961				Under Section :-	260A

BACKGROUND:

The Company was incorporated on 20^th January 1997. The Company is engaged in the business of compounding of industrial fragrance and flavours and manufacturing of chemicals.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Foreign currency term loans from others	269.505	244.260
SHORT TERM BORROWINGS
Loans repayable on demand from banks	898.543	662.703
Total	1168.048	906.963

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Leasehold Improvements

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.64.09
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SMN

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	YES
--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.