MIRA INFORM REPORT

Report Date :

21.04.2011

IDENTIFICATION DETAILS

Correct Name :	WALCHEM CORPORATION (WALCHEM)

Registered Office :	5 Boynton Road Hopping Brook Park Holliston, MA 01746, U.S.

Country :	United States

Date of Incorporation :	09.02.1989

Legal Form :	Private Company

Line of Business :	Manufacturer of on-line analytical instruments and electronic metering pumps

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

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, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United States

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Walchem
Address in the order:	5 Boymtonroad Holiston MA 01746
Legal Name:	Walchem Corporation (Walchem)
Trade Name:	Walchem
Legal Address	5 Boynton Road Hopping Brook Park Holliston, MA 01746, U.S.
Operative Address	5 Boynton Road Hopping Brook Park Holliston, MA 01746, U.S.
Telephone:	+1 508.429.1110	ID :	042544696
Fax:	+1 508.429.7433	Legal Form:	Private Company
Email:	info@walchem.com	Registered in:	Massachussets
Website:	http://www.walchem.com	Date Created:	1989
Manager:	John Miersma, CEO	Date Incorporated:	February 9, 1989
Staff:	60	Stock:	NA
		Value:	NA
Activity:	Manufacturer of on-line analytical instruments and electronic metering pumps.

BANKS

Name of the Bank	CITIZENS BANK OF MASSACHUSETTS
Name of the Bank	BANKBOSTON, N. A.

BUSINESS

HISTORY
	Walchem's World Headquarters, in Holliston, Massachusetts was completed in February, 1989
PRINCIPAL ACTIVITY
	Walchem is a leading manufacturer of on-line analytical instruments and electronic metering pumps.
Sales are:
	Wholesale
Clients:
	Various industries
Operations area:
	National, International
The company does not import
The company export to Worldwide
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered at 5 Boynton Road Holliston, MA 01746-1446, U.S.

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):
	This is a privately held company. Despite our long searches it has not been possible to identify the shareholders
Management:
	John Miersma, Chief Executive Officer Ron Yates, President Jeff Hadley, Vice President Amy Francer, Human Resources Executive Ronald Yates,President & Chief Executive Officer*

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the company but refused to provide us any financial data on grounds of confidentiality.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Legal Fillings

There are 27 UCC\'s files listed with the Secretary of State of Massachusetts.

There are no legal filings listed with the District Court.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a Low credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This company has been incorporated for business for 21 years; it has a staff of 60 employees which makes it a medium sized company.

There were no legal filings found against the company or its legal representatives and we did found payment experience. However, no financial data was found.

Therefore, we suggest working with GUARANTEES.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public Records	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	N.A.

APPENDIX

Person Interviewed
	Operator
Comments
	We contacted the company but the operator was really rude and refused to provide us with any information on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.72.56
Euro	1	Rs.63.92

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

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%)

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.