MIRA INFORM REPORT

Report No. :	346532
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	RICHFIELD FERTILISERS PRIVATE LIMITED (w.e.f. 09.10.2007)
Formerly Known As :	RICHFIELD FERTILISERS LIMITED
Registered Office :	Plot No.B-27, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra
Tel. No.:	91-253-2380062 / 63 / 64
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.04.2001
Com. Reg. No.:	11-131579
Capital Investment / Paid-up Capital :	Rs.9.800 Million
CIN No.: [Company Identification No.]	U24129MH2001PTC131579
TAN No.: [Tax Deduction & Collection Account No.]	NSKR01542C
CST:	27210004537C
VAT:	27210004537V
PAN No.: [Permanent Account No.]	AACCR2567C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Trader of all kinds of fertilizers, pesticides, derivatives, natural or mixed fertilizers etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 4900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2001 and it is manufacturer, importer and trader of all kinds of fertilizers, pesticides, derivatives, natural or mixed fertilizers etc. For the financial year ended 2014, company has reported 22.11% sales turnover growth as compared to previous sales turnover and it has maintained above average profitability margins at 2.86% during the year under a review. Rating reflects RFPL’s above average financial base marked by adequate debt protection metrics and moderate capital structure. The ratings also factor in the company’s strong distribution network and its promoter’s extensive experience in the fertilizer trading business. Rating strength partially offset by company’s exposure to risks related to fragmentation and competition in the fertilizer industry and working capital intense nature of business operations. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, 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	CRISIL
Rating	Long term rating (BB+)
Rating Explanation	Inadequate credit quality and high credit risk
Date	October 2014
Rating Agency Name	CRISIL
Rating	Short term rating (A4+)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Sandeep Pawar
Designation :	Assistant Accounts Manager
Contact No.:	91-253-2380062
Date :	23.10.2015

LOCATIONS

Registered Office/ Factory :	Plot No.B-27, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-2380062 / 63 / 64
Fax No.:	91-253-2382710
E-Mail :	mail@richfield-wsf.com preeti_patki@rediffmail.com swapnil9.sb@gmail.com accounts@richfield-wsf.com
Website	http://www.richfieldfertilizer.com
Branches Offices :	Located At: Ahmedabad Vadodara Hubli Hyderabad Indore Narayangaon Pimpalgaon Raipur Sangli

DIRECTORS

As on: 25.03.2014

Name :

Mr. Swapnil Murlidhar Bachchhav

Designation :

Managing Director

Address :

“Suprbha”, Plot No.49, Balwant Nagar, Anadvalli Shivar, Gangapur Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

12.05.1968

Date of Appointment :

01.10.2005

DIN No.:

00516131

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	U24129MH2001PTC131579	RICHFIELD FERTILISERS Private LIMITED	Managing director	01-10-2005	09-08-2005	-	Active	NO
2	AAB-0476	ADITYA SPECIALITY AGRONUTRITION LLP	Designated Partner	02-08-2012	02-08-2012	-	Active	NO

Name :

Mrs. Pratibha Swapnil Bachchhav

Designation :

Whole Time Director

Address :

“Suprbha”, Plot No.49, Balwant Nagar, Anadvalli Shivar, Gangapur Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

08.01.1971

Date of Appointment :

01.10.2005

DIN No.:

00518710

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	U24129MH2001PTC131579	RICHFIELD FERTILISERS Private LIMITED	Whole-time director	01-10-2005	09-08-2005	-	Active	NO
2	AAB-0476	ADITYA SPECIALITY AGRONUTRITION LLP	Designated Partner	02-08-2012	02-08-2012	-	Active	NO

Name :

Mr. Ashok Kundlik Auti

Designation :

Director

Address :

Flat No.2A, Indrayani Complex, ?Mangal Nagar, G Road, Nashik – 422002, Maharashtra, India

Date of Birth/Age :

01.06.1970

Date of Appointment :

01.09.2005

DIN No.:

00525359

Name :

Mrs. Tanuja Uday Bhosale

Designation :

Director

Address :

Flat No.8, Raghavalaya Apartment, Chattanya Nagar, Gangapur, Near Nirmala Convent School, Nashik – 422 005, Maharashtra, India

Date of Birth/Age :

21.10.1971

Date of Appointment :

01.09.2005

DIN No.:

00525415

Name :

Mr. Vinayak Pundik Patil

Designation :

Director

Address :

G.No.465/3/1, Farm House, Satpur, Nashik – 425 001, Maharashtra, India

Date of Birth/Age :

19.08.1943

Date of Appointment :

01.09.2005

DIN No.:

00616009

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	L25200MH1981PLC025731	EPC INDUSTRIE LIMITED	Director	08-07-2003	08-07-2003	-	Active	NO
2	U24129MH2001PTC131579	RICHFIELD FERTILISERS Private LIMITED	Director	01-09-2005	01-09-2005	-	Active	NO

Name :

Mr. Murlidhar Budhaji Bachchhav

Designation :

Director

Address :

Plot No.30 B, S.No.38, Balwant Nagar, Anadvalli Shivar, Balwant Nagar, Near Kadlakmala Stop, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

03.12.1940

Date of Appointment :

09.08.2005

DIN No.:

00616030

KEY EXECUTIVES

Name :	Dr. Uday R. Bhosale
Designation :	Manager
Name :	Mr. Vishvas Bokil
Designation :	Company Secretary
Address:	Uma Building, Flat No. 502, Mahalaxminagar, Bibwewadi, Near VIT/Laketown, Pune-411037, Maharashtra, India
Contact No.:	91-9822254210

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2014

Names of Shareholders	No. of Shares
Swapnil Murlidhar Bachchhav	589926
Pratibha Swapnil Bachchhav	389918
Murlidhar Budhaji Bachchhav	26
Mahesh Budhaji Bachchhav	26
Rahul Budhaji Bachchhav	26
Preeti Shrinivas Patki	26
Uday Ramrao Bhosale	26
Sulbha Murlidhar Bachchhav	26
Total	980000

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Trader of all kinds of fertilizers, pesticides, derivatives, natural or mixed fertilizers etc.

Products :

Item Code No. (ITC Code)	310520
Product Description	NPK Fertilizers

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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

No. of Employees :

Not Divulged

Bankers :

Bank Name	Bank of Maharashtra
Branch	Lokmangal, 1501, Shivaji Nagar, Pune - 411005, Maharashtra, India
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

• Union Bank of India, SSI Branch, B-50, Nice, M.I.D.C. Satpur, Nashik - 422007, Maharashtra, India
• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long Term Borrowing
From Banks	0.000	0.056
From Others	0.000	0.541
Short Term Borrowing
Cash Credit From Bank	73.444	65.023
Total	73.444	65.620

Auditors :
Name :	Desai Associates Chartered Accountants
Address :	103/104-A, Anand Estates, 189A, Sane Guruji Marg, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-23001840/23051165/23080788
Fax No.:	91-22-23073055/23072981
E-Mail :	iqma@vsnl.com
PAN No.:	AAAFD4921H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 25.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
980,000	Equity Shares	Rs.10/- each	Rs. 9.800 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	9.800	9.800	3.900
(b) Reserves & Surplus	58.589	44.083	33.249
(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)	68.389	53.883	37.149
(3) Non-Current Liabilities
(a) long-term borrowings	6.349	0.597	4.107
(b) Deferred tax liabilities (Net)	2.533	1.924	1.303
(c) Other long term liabilities	6.816	5.473	3.862
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	15.698	7.994	9.272
(4) Current Liabilities
(a) Short term borrowings	73.444	65.023	57.618
(b) Trade payables	80.440	66.989	38.970
(c) Other current liabilities	7.219	7.066	6.052
(d) Short-term provisions	1.433	1.747	2.093
Total Current Liabilities (4)	162.536	140.825	104.733
TOTAL	246.623	202.702	151.154
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.833	32.558	27.953
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.113
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.183	0.183	0.183
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.320	3.656	3.202
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	41.336	36.397	31.451
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	68.298	45.800	34.792
(c) Trade receivables	122.088	103.159	54.255
(d) Cash and cash equivalents	13.876	13.053	27.101
(e) Short-term loans and advances	1.025	4.151	3.521
(f) Other current assets	0.000	0.142	0.034
Total Current Assets	205.287	166.305	119.703
TOTAL	246.623	202.702	151.154

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	507.889	414.416	318.792
		Other Income	0.227	2.310	0.455
		TOTAL	508.116	416.726	319.247
Less	EXPENSES
		Office Expenses
		Administrative Expenses	486.915	395.295	302.731
		Advertising Expenses
		TOTAL	486.915	395.295	302.731
	PROFIT BEFORE TAX, PRIOR PERIOD INCOME		21.201	21.431	16.516
Add	Prior Period Income		0.114	0.124	0.000
	PROFIT BEFORE TAX		21.315	21.555	16.516
Less	TAX		6.808	6.821	5.255
	PROFIT AFTER TAX		14.507	14.734	11.261
	Earnings Per Share (Rs.)		14.80	15.03	28.87

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.689	1.483	2.712
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.86	3.56	3.53
Return on Total Assets (PBT/Total Assets}	(%)	8.60	10.58	10.95
Return on Investment (ROI) (PBT/Networth)		0.31	0.40	0.44
Debt Equity Ratio (Total Debt /Networth)		1.18	1.25	1.73
Current Ratio (Current Asset/Current Liability)		1.26	1.18	1.14

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	3.900	9.800	9.800
Reserves & Surplus	33.249	44.083	58.589
Net worth	37.149	53.883	68.389
long-term borrowings	4.107	0.597	6.349
Short term borrowings	57.618	65.023	73.444
Current maturities of long-term debts	2.712	1.483	0.689
Total borrowings	64.437	67.103	80.482
Debt/Equity ratio	1.735	1.245	1.177

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	318.792	414.416	507.889
		29.996	22.555

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	318.792	414.416	507.889
Profit	11.261	14.734	14.507
	3.53%	3.56%	2.86%

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)	No
16]	No. of employees	No
17]	Details of sister concerns	No
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	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	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

The turnover of the company has increased by 22.56% as compared to the previous year, whereas the profit before tax stood at 4.17% as against 5.17% in the previous year.

Turnover increased because of increased manpower and deployment of additional space for storage and distribution and provision of direct sew ices to fanners.

The reduction in profit before tax is basically due to Re-Dollar instability resulting into forex losses. The prices of raw material kept on increasing during the year and this impact could not be passed on to the end user i.e. State Government of Rajasthan in view of the agreement terns.

It is heartening to note that the Rajasthan operations were appreciated by Chief Minister of Government of Rajasthan. The Company in the year under consideration covered 3,000 hectare area by giving agronomical support in Rajasthan. The contract with Government of Rajasthan concluded in March 2014. The company has started direct marketing approach through dealers and distributors. The response is encouraging.

'Sikkim' is declared as only organic state in India and your company is the only approved supplier of all organic inputs to State Government of Sikkim. The Company has been distributing its products through State Government of Sikkim.

Further the Company has opened the new territories i.e. Haryana and Punjab states, for distribution of its products. The dealers have already been appointed. The operations have been started in April 2014. The development work initiated in the previous year has yielded results now.

The Company has tied up with for WSF products with Biochim Concimi Speciali, Italy and is likely to sign exclusivity contract in the near future. It is expected that the operations would commence by November end.

During the year, the company has purchased new premises at Pimpalgoan for additional space for storage and marketing office for Nasik Region and the same has become operational.

The company has also purchased 3 units I premises at Narayangaon admg approx. 1,000 sq. ft. in aggregate and will be operational by December 2014. The space will be used for office and distribution of products as well.

UNSECURED LOAN

Rs. In Million

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and Advances From Related Parties	6.349	0.000
Total	6.349	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10214279	26/03/2015 *	157,500,000.00	Bank of Maharashtra	Bank of Maharashtra Head Office, 'Lokmangal' 1501  , Shivajinagar,, Pune, Maharashtra - 411005, INDIA	C53461299

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Electrical Installation

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Computers

· Vehicles

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.64.88
UK Pound	1	Rs.99.88
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	SVA
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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.