MIRA INFORM REPORT

Report No. :	348901
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	VEN-PETRO-CHEM AND PHARMAINDIA PRIVATE LIMITED
Registered Office :	9, Hemprakash, 90/92, Kazi Sayeed Street, Mumbai – 400003, Maharashtra
Tel. No.:	91-22-28546775 / 22872501
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.1982
Com. Reg. No.:	11-027873
Capital Investment / Paid-up Capital :	Rs.6.500 Million
CIN No.: [Company Identification No.]	U24200MH1982PTC027873
IEC No.:	0388197161
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV1237F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of Pharmaceutical Bulk Drugs, Pharma Bulk Drugs, Pharmaceutical Intermediates, Pharma Intermediates and Bulk Drugs Intermediates.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 319000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1982, having satisfactory track. It is a manufacturer and exporter of bulk drug and drug intermediates. The company possesses sound networth base marked by low borrowings, good liquidity position and fair profitability margin. It has been successful in wiping off its previous year. Trade relations are fair. Business is active. Payments are usually correct. The company can be considered for business dealing 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 – 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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Methew
Designation :	Purchase Department
Contact No.:	91-22-22872501
Date :	07.11.2015

LOCATIONS

Registered Office :	9, Hemprakash, 90/92, Kazi Sayeed Street, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-28546775 / 22872501 / 22871225 / 22855286
Fax No.:	91-22-22871213
E-Mail :	venpetro@vsnl.com info@venpetro.com sunil@venpetro.com office2854@gmail.com
Website :	http://www.venpetro.com
Location:	Owned
Locality :	Commercial
Factory :	16-18 B, Nallini Printery, Vatsa House, 2nd Floor, S. A. Brelvi Road, Fort, Mumbai – 400023, Maharashtra, India

DIRECTORS

AS ON 29.09.2014

Name :

Sunil Champak Patel

Designation :

Managing Director

Address :

Chandhok Niwas, B-Wing, Flat No. 7, 1st Floor, 13th And 18th Cross Road, Khar (West), Mumbai - 400052, Maharashtra, India

Date of Appointment :

27.02.1984

DIN No.:

00491437

Name :

Hemal Chandravadan Choksey

Designation :

Director

Address :

5 A Chitra Building, 2nd Floor,, West Avenue, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Appointment :

18.06.1998

DIN No.:

00137869

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	U24200MH1982PTC027873	VEN-PETRO-CHEM AND PHARMAINDIA PVT LTD	Director	18/06/1998	18/06/1998	-	Active	NO
2	U67120MH1985PTC037455	CANDID INVESTMENTS PVT LTD	Director	01/01/2001	01/01/2001	-	Active	NO
3	U67120MH1985PTC037456	SUEZ INVESTMENTS PVT LTD	Director	03/09/2005	03/09/2005	-	Active	NO
4	U51110MH2005PLC153347	De-Lite Share & Commodity Trading Limited	Director	20/07/2006	08/12/2005	-	Active	NO
5	U65990MH2005PLC154505	Mangal Keshav Securities Limited	Director	05/09/2006	08/12/2005	29/01/2007	Active	NO
6	U66010GJ2003PLC083613	ANAR INSURANCE BROKERS LIMITED	Director	25/03/2006	25/03/2006	29/09/2007	Active	NO
7	U45200MH2005PLC152470	GUNA INFRASTRUCTURE LIMITED	Director	28/09/2007	21/10/2006	07/10/2013	Active	NO
8	U45202MH2008PTC177745	HIGHTECH REALTIES PRIVATE LIMITED	Director	11/01/2008	11/01/2008	26/04/2008	Active	NO
9	U45400MH2008PTC177867	SPECTRA REALTIES PRIVATE LIMITED	Director	17/01/2008	17/01/2008	31/03/2009	Active	NO
10	U70102MH2008PTC182409	Delite Ventures Private Limited	Director	19/05/2008	19/05/2008	01/06/2011	Active	NO
11	U67120MH1995PTC084811	ALDAN INVESTMENTS PRIVATE LIMITED	Additional director	05/01/2009	05/01/2009	-	Active	NO
12	U65991WB1989PTC184151	KRISHKAN INVESTMENTS PRIVATE LIMITED	Director	26/07/2012	26/07/2012	24/01/2014	Active	NO
13	U93090MH2009PLC193122	BDR Securities Limited	Director	30/09/2013	27/09/2013	-	Active	NO
14	AAA-5027	DIVISHA DEVELOPERS LLP	Designated Partner	02/06/2011	02/06/2011	-	Active	NO
15	AAC-0864	SANSKRUTI LIFESPACES LLP	Designated Partner	13/02/2014	13/02/2014	-	Active	NO
16	AAC-0865	DIVISHA REALTY LLP	Designated Partner	13/02/2014	13/02/2014	10/06/2015	Active	NO

Name :

Sushil Chandravadan Choksey

Designation :

Director

Address :

11, Dhanshila, 14th Khar Road, Mumbai - 400052, Maharashtra, India

Date of Birth/Age :

22.09.1961

Date of Appointment :

16.10.2010

DIN No.:

00207881

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	U65990MH1978PTC020674	CHANDRAVADAN INVESTMENT PRIVATE LIMITED	Managing director	30/12/1982	30/12/1982	-	Active	NO
2	U67120MH1985PTC037458	WELLCOME INVESTMENTS PVT LTD	Director	15/04/1999	15/04/1999	-	Active	NO
3	U65990MH1994PTC080450	ROSY BLUE SECURITIES PRIVATE LIMITED.	Director	15/03/2000	15/03/2000	-	Active	NO
4	U74140MH2005PTC154455	INDUS EQUITY ADVISORS PRIVATE LIMITED	Director	04/07/2005	04/07/2005	-	Active	NO
5	U51100MH2005PTC155764	ROSY BLUE COMTRADE PRIVATE LIMITED	Director	30/08/2005	30/08/2005	-	Active	NO
6	U24200MH1982PTC027873	VEN-PETRO-CHEM AND PHARMAINDIA PVT LTD	Director	16/10/2010	16/10/2010	-	Active	NO
7	U25190MH2010PTC209780	L & L Products Shroff Private Limited	Director	03/11/2010	03/11/2010	-	Active	NO

Name :

Suryakant Kanaiyalal Sheth

Designation :

Director

Address :

66, Presidency Society, 2nd Juhu, Vileparle, Juhu Scheme, Mumbai - 400056, Maharashtra, India

Date of Appointment :

27.07.1982

DIN No.:

00485594

KEY EXECUTIVES

Name :	Mr. Methew
Designation :	Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

SHAREHOLDERS DETAILS OF ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	6.69
Directors or relatives of Directors	92.85
Other top fifty shareholders	0.46
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of Pharmaceutical Bulk Drugs, Pharma Bulk Drugs, Pharmaceutical Intermediates, Pharma Intermediates and Bulk Drugs Intermediates.
Products :	BULK DRUGS BROMHEXINE HYDROCHLORIDE B.P. / Eu. Ph. (Drug master file available) (Certificate of Suitability issued by EDQM bearing registration no. RO-CEP 2003-021-Rev 01) DRUG INTERMEDIATES AMINO-N-CYCLOHEXYL-N-METHYLBENZENEMETHANAMINE [N-(2-AMINOBENZYL)-N-CYCLOHEXYL-N-METHYLAMINE] (CAS NO 57365-08-9) (Intermediate for manufacture of bulk drug bromhexine hydrochloride)
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	European Countries USA
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C and Cheque
Purchasing :	L/C and Cheque

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 :	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 :	Not Divulged
Remark:	Not Divulged

Wholesalers, Retailers

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	Development Credit Bank Limited
Branch	B Wing, Ground Floor, Mittal Court, Premise Society, Nariman Point, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-67474100
Name of Account Holder	Ven-Petro-Chem And Pharmaindia Private Limited
Account Number	6331
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit
Account Operation	Not Divulged
Remarks (If any)	No one is responding

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Cash Credit Limit from Development Credit Bank Limited (The above cash credit are secured by a first charge on all the Fixed Assets of the company both present and future, Hypothecation of Stocks and book debts and Personal Guarantee of all Directors.)	13.533	15.494
Total	13.533	15.494

Auditors :
Name :	B.L. Dasharda and Associates Chartered Accountants
Address :	301, Vastubh Apartments, Near Hanuman Temple, Datta Pada Cross Road No.1, Borivali (East), Mumbai – 400066, Maharashtra, India
PAN No.:	AAAFB2781M
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs.10/- each	Rs.7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
650,000	Equity Shares	Rs.10/- each	Rs.6.500 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	6.500	6.500	6.500
(b) Reserves & Surplus	105.179	90.807	94.313
(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)	111.679	97.307	100.813
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.489	1.040	2.315
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.091	3.063	2.054
Total Non-current Liabilities (3)	4.580	4.103	4.369
(4) Current Liabilities
(a) Short term borrowings	13.533	15.494	13.017
(b) Trade payables	13.854	19.258	3.972
(c) Other current liabilities	12.325	15.511	4.628
(d) Short-term provisions	0.000	0.000	1.700
Total Current Liabilities (4)	39.712	50.263	23.317
TOTAL	155.971	151.673	128.499
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.242	54.772	52.270
(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	0.293	0.293	0.293
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.131	13.744	13.544
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	67.666	68.809	66.107
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.873	18.715	22.693
(c) Trade receivables	41.812	41.970	17.130
(d) Cash and cash equivalents	7.454	6.826	7.749
(e) Short-term loans and advances	11.166	15.353	14.695
(f) Other current assets	0.000	0.000	0.125
Total Current Assets	88.305	82.864	62.392
TOTAL	155.971	151.673	128.499

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		14.372	(3.507)	92.386
	Earnings Per Share (Rs.)		22.11	(5.40)	NA

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
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	0.12	0.16	0.13
Current Ratio (Current Asset/Current Liability)	2.22	1.65	2.68

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	6.500	6.500	6.500
Reserves & Surplus	94.313	90.807	105.179
Share Application money pending allotment	0.000	0.000	0.000
Net worth	100.813	97.307	111.679
long-term borrowings	0.000	0.000	0.000
Short term borrowings	13.017	15.494	13.533
Total borrowings	13.017	15.494	13.533
Debt/Equity ratio	0.129	0.159	0.121

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	No
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
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	No
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	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10276841	14/03/2011	4,500,000.00	DEVELOPMENT CREDIT BANK LIMITED	301, DELTA PLAZA, 414, VEER SAVARKAR MARG, PRABHA  DEVI,, MUMBAI, MAHARASHTRA - 400025, INDIA	B09519638
2	10180790	30/09/2009 *	7,000,000.00	DEVELOPMENT CREDIT BANK LIMITED	301, TRADE PLAZA,, 414, VEER SAVARKAR MARG, PRABH  ADEVI,, MUMBAI, MAHARASHTRA - 400025, INDIA	A71957351
3	10029654	15/12/2006	1,500,000.00	DEVELOPMENT CREDIT BANK LIMITED	154 S V ROAD EAST,DONGRI,, CREDIT ADMINISTRATION  DEPTS, MUMBAI 400 009, MAHARASHTRA - 400009, INDIA	A08244014
4	90241372	19/03/2005	2,500,000.00	DEV. CREIDT BANK LTD	CREDIT ADMINIS. DEPT BANDRA WEST, MUMBAI, MAHARASH  TRA - 400050, INDIA	-
5	90189152	23/10/1998	10,000,000.00	HOUSING DEVELOPMENT FINANCE COPORATION LTD	ROMAN HOUSE; 169; BACKBAY RECLAMATION, CHURCHGATE  , MUMBAI, MAHARASHTRA - 400020, INDIA	-
6	90188747	01/10/2004 *	4,900,000.00	DEVELOPMENT CREDIT BANK LTD	NARIMAN POINT BRANCH, MUMBAI, MAHARASHTRA - 400021  , INDIA	-
7	90184101	04/09/1998	4,900,000.00	DEVELOPMENT CREDIT BANK LTD	NARIMAN POINT BRANCH, MUMBAI, MAHARASHTRA - 400021  , INDIA	-
8	90186604	29/09/1998 *	2,600,000.00	DEVELOPMENT CREDIT BANK LTD	NARIMAN POINT BRANCH, MUMBAI, MAHARASHTRA - 400021  , INDIA	-
9	90188740	04/07/2002 *	2,600,000.00	DEVELOPMENT CREDIT BANK LTD	NARIMAN POINT BRANCH, MUMBAI, MAHARASHTRA - 400021  , INDIA	-

* Date of charge modification

FIXED ASSETS

TANGIBLE ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Staff Quarters Equipments
• Office Equipments
• Computer Equipments
• Safety 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 records 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.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	AMR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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		43

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.