MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	BAYER MATERIALSCIENCE PRIVATE LIMITED
Registered Office :	Bayer House, Central Avenue Hiranandani Gardens, powai, Mumbai – 400 076, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.09.1995
Com. Reg. No.:	179724
Capital Investment / Paid-up Capital :	Rs.1002.677 millions
CIN No.: [Company Identification No.]	u19113mh1995ptc179724
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Thermoplastic Polyurethanes and Chemicals
No. of Employees :	200 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 3877772
Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Bayer AG, Germany. Financial position of the company is moderate. There appear some losses being incurred by the company in the current year i.e. 2010-11. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of strong holding, the company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Hasmukh Patel
Designation :	Accounts Manager

LOCATIONS

Registered Office :	Bayer House, Central Avenue Hiranandani Gardens, powai, Mumbai – 400 076, Maharashtra
Tel. No.:	91-22-25711234
Fax No.:	91-22-25700147
E-Mail :	niranjan.ketkar@bayercropscience.com hasmukh.patel@bayer.com kaikobad.mistry@bayer.com
Website :	www.bayer.com
Area :	2500Sq.ft.
Location :	Owned
Factory :	Located at: · Noida, Grater Noida · Ankleshwar, GIDC · Cuddalore, Chennai

DIRECTORS

As on: 18.08.2011

Name :	Mr. Stephan Feirdhelm Gerlich
Designation :	Chairman Cum Managing Director
Address :	Vinrita, Flat No. 13 and 14, Plot No. 98 of TPS IV, Prof. Almedia Road, Bandra, Mumbai – 400 050
Date of Birth/Age :	11.09.1958
Date of Appointment :	24.07.2008
DIN No.:	00063222

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L24210MH1958PLC011173	BAYER CROPSCIENCE LIMITED	Managing director	01/07/2009	01/07/2003	-	Active	NO
2	U05195MH1998PTC116021	BAYER PHARMACEUTICALS PRIVATE LIMITED	Director	01/07/2003	01/07/2003	31/01/2007	Active	NO
3	U19113MH1995PTC179724	Bayer MaterialScience Private Limited	Managing director	24/07/2008	24/07/2003	-	Active	NO
4	U24110MH2003PLC142216	BAYER POLYCHEM (INDIA) LIMITED	Director	15/09/2003	15/09/2003	-	Amalgamated	NO
5	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	31/05/2006	31/05/2006	13/06/2008	Active	NO
6	L15412WB1918PLC002964	BRITANNIA INDUSTRIES LTD	Director	28/10/2006	28/10/2006	14/04/2009	Active	NO
7	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	26/09/2007	26/09/2007	-	Active	NO
8	L36999KA1999PLC025195	UNITED BREWERIES LIMITED	Director	20/08/2010	02/07/2010	-	Active	NO
9	U24233MH2011PTC213118	Bayer Zydus Pharma Private Limited	Additional director	28/04/2011	28/04/2011	-	Active	NO
10	U85191MH2011NPL220674	Bayer Prayas Rural Development Association	Director	08/08/2011	08/08/2011	-	Active	NO

Name :	Mr. Kaikobad Behram Mistry
Designation :	Director
Address :	The Anchorage, 217/A, Staff Road, Secunderabad – 500 009, Andhra Pradesh
Date of Birth/Age :	16.12.1959
Date of Appointment :	01.07.2008
DIN No.:	02253294

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110MH2003PLC142216	BAYER POLYCHEM (INDIA) LIMITED	Director	26/08/2008	01/07/2008	-	Amalgamated	NO
2	L24210MH1958PLC011173	BAYER CROPSCIENCE LIMITED	Whole-time director	01/07/2008	01/07/2008	-	Active	NO
3	U19113MH1995PTC179724	Bayer MaterialScience Private Limited	Director	26/08/2008	01/07/2008	-	Active	NO
4	U25119MH2010FTC200484	Bayer Malibu Polymers Private Limited	Director	26/02/2010	26/02/2010	-	Active	NO
5	U72300MH2010FTC210494	Bayer Business Services Private Limited	Additional director	22/06/2011	22/06/2011	-	Active	NO

Name :	Mr. Darius Cavasji Shroff
Designation :	Director
Address :	Moonlight, Flat No. 8, Maharishi Karve Road, Mumbai – 400 020, Maharashtra
Date of Birth/Age :	08.08.1944
Date of Appointment :	07.12.2006
DIN No.:	00170680

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299MH1963PTC012661	CMP PRIVATE LIMITED	Director	13/04/1989	13/04/1989	-	Active	NO
2	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	03/04/1993	03/04/1993	-	Active	NO
3	L29130MH1976PLC019147	KULKARNI POWER TOOLS LTD	Director	30/03/1995	30/03/1995	-	Active	NO
4	U23201DL1993PTC190652	AVI-OIL INDIA PRIVATE LIMITED	Director	06/08/1996	06/08/1996	-	Active	NO
5	L28920MH1957PLC010839	SIEMENS LIMITED	Director	20/02/1997	20/02/1997	-	Active	NO
6	U24245GA1994PTC001708	PROFESSIONAL ORAL CARE PRODUCTS PRIVATE LIMITED	Director	12/11/1998	12/11/1998	06/07/2009	Amalgamated	NO
7	L72200MH1990PLC056987	UTV SOFTWARE COMMUNICATIONS LIMITED	Director	20/05/2000	20/05/2000	-	Active	NO
8	U26993MH1983PLC205758	UNIFRAX INDIA LIMITED	Director	06/10/2000	06/10/2000	-	Active	NO
9	L24120MH1995PLC086986	CIBA INDIA LIMITED	Director	25/01/2001	25/01/2001	30/11/2007	Amalgamated	NO
10	U67120MH2002PTC135029	SWISS RE SERVICES INDIA PRIVATE LIMITED	Director	27/02/2002	27/02/2002	-	Active	NO
11	U24110MH2003PLC142216	BAYER POLYCHEM (INDIA) LIMITED	Director	30/09/2003	30/09/2003	-	Amalgamated	NO
12	U23201MH1966PTC013538	LUBRIZOL INDIA PRIVATE LIMITED	Alternate director	22/07/2004	22/07/2004	-	Active	NO
13	U92110MH2003PTC141168	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED	Director	20/01/2005	20/01/2005	-	Active	NO
14	L05190KA1921PLC036321	INGERSOLL-RAND (INDIA) LIMITED	Director	23/12/2005	23/12/2005	-	Active	NO
15	L29199GJ1962PLC001171	GMM PFAUDLER LIMITED	Director appointed in casual vacancy	13/10/2006	13/10/2006	-	Active	NO
16	U19113MH1995PTC179724	Bayer MaterialScience Private Limited	Director	07/12/2006	07/12/2006	-	Active	NO
17	U26960MH2011FTC216269	UNIFRAX INDIA ENERGY SAVING MATERIALS PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO

Name :	Mr. Subrahmanian Kugalur Ramasesha Venkata
Designation :	Director
Address :	8, Rushilla, 17C, Carmichael Road, Mumbai – 400 026, Maharashtra
Date of Birth/Age :	26.09.1933
Date of Appointment :	13.06.1996
DIN No.:	00005292

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U19113MH1995PTC179724	Bayer MaterialScience Private Limited	Director	13/06/1996	13/06/1996	-	Active	NO
2	U74140MH1996PTC099483	DSP BlackRock Investment Managers Private Limited	Director	18/10/1996	18/10/1996	-	Active	NO
3	L99999MH1979PLC021796	ALKYL AMINES CHEMICALS LIMITED	Director	11/10/1999	11/10/1999	-	Active	NO
4	L85110KA1930PLC000124	ING VYSYA BANK LIMITED	Director	29/05/2000	29/05/2000	06/11/2007	Active	NO
5	U27105GA1993PLC001355	SESA INDUSTRIES LIMITED	Director	28/03/2001	28/03/2001	22/10/2008	Active	NO
6	L25200GJ1973PLC002436	INEOS ABS (INDIA) LIMITED	Director	15/06/2001	15/06/2001	27/03/2008	Active	NO
7	L13209GA1965PLC000044	SESA GOA LIMITED	Director	22/05/2002	22/05/2002	22/10/2008	Active	NO
8	U24231AP1984PLC005146	Mylan Laboratories Limited	Director	18/05/2003	18/05/2003	25/09/2009	Active	NO
9	U24110MH2003PLC142216	BAYER POLYCHEM (INDIA) LIMITED	Director	15/09/2003	15/09/2003	-	Amalgamated	NO
10	U24119MH2004PTC158377	LANXESS INDIA PRIVATE LIMITED	Director	17/06/2004	17/06/2004	-	Active	NO
11	U45202MH1946PLC005262	NEW CONSOLIDATED CONSTRUCTION COMPANY LIMITED	Director	24/04/2006	24/04/2006	-	Active	NO
12	U22219TZ2007FTC014068	PRINTCARE INDIA PRIVATE LIMITED	Director	09/02/2009	28/06/2008	-	Active	NO
13	U80302DL2005NPL142330	AFS INTERCULTURAL PROGRAMS INDIA	Director	02/08/2010	02/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Niranajn Arun Ketkar
Designation :	Secretary
Address :	A/101, Om Vaibhav Park, Tandon Road, Ram Nagar, Dombivli – 421 201, Maharashtra
Date of Birth/Age :	27.09.1975
Date of Appointment :	26.02.2007
Name :	Mr. Hasmukh Patel
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 18.08.2011

Names of Shareholders	No. of Shares
Bayer AG, Germany	100267652
Bayer AG jointly with Shirin V Balsara, Germany	1
Bayer AG jointly with Pradnesh Kamat, Germany	1
Total	100267654

As on: 18.08.2011

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thermoplastic Polyurethanes and Chemicals

Products :

Product	Item Code No. (ITC Code)
Desmodur 44 V 20 L	292910.90
Desmodur Vppu 926	292910.90
Bayfit 23 BT 001	390799.00

Exports :

Products :

Thermoplastic Polyurethanes

Countries :

· China

· Germany

Imports :

Products :

Raw Material

Countries :

· China

· Thailand

Terms :

Selling :

Cash, Credit (30 days / 60 days)

Purchasing :

Cash, Credit (30 days / 60 days)

PRODUCTION STATUS

AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Thermoplastic Polyurethanes (Refer Note (a), (b) and (d) below)	Tons	2500	2118
Polyurethanes (Refer Note (b), (c) and (d) below)	Tons	20350	10928
Polycarbonates (Refer Note (b) and (e) below)	Tons	7500	212
Coatings, Adhesives, Specialties (Refer Note (b) and (e) below)	Tons	18000	--

NOTES:

(a) Installed capacity is on triple shift working basis.

(b) Installed capacities are as per the certificate given by the Management of the Company on which auditors have relied as this being technical in nature.

(c) Being multipurpose plant, installed capacity is variable in view of different product mix produced in the plant.

(d) Figures shown in brackets are in respect of previous year.

(e) Manufacturing units of Polycarbonates and Coatings, Adhesives, Specialties have commenced the operations in the current year.

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

200 (In office)

Bankers :

HDFC Bank, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Inter Corporate Bodies	1445.000	410.000
Loan from banks	0.000	0.000
Loan others	1387.000	1096.000
Loan from Holding Company	780.000	780.000
Cash Credit from banks	0.000	27.225
Total	3612.000	2313.225

Banking Relations :

---

Auditors :

Name :

Price Waterhouse

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra

Holding Company :

Bayer AG, Germany

Subsidiaries :

· Bayer Pharmaceuticals Private Limited, India (Upto December 21,2009)

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs. 10/- each	Rs. 1600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100267654	Equity Shares	Rs. 10/- each	Rs.1002.677 millions

Note :100,267,654 (Previous year 100,267,654) Equity shares are held by Byer AG, Germany, the holding company and its nominees.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1002.677	1002.676	1002.676
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.440	150.070	136.298
4] (Accumulated Losses)		(35.674)	0.000	0.000
NETWORTH		969.443	1152.746	1138.974
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		3612.000	2313.225	1139.997
TOTAL BORROWING		3612.000	2313.225	1139.997
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4581.443	3465.971	2278.971
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2769.082	595.687	601.687
Capital work-in-progress		18.374	1276.350	246.284
INVESTMENT		89.528	89.528	218.666
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	955.606	693.255	438.414
	Sundry Debtors	1008.562	709.000	642.846
	Cash & Bank Balances	458.549	478.942	34.570
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	535.134	408.345	476.827
Total Current Assets		2957.851	2289.542	1592.657
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1147.517	687.723	18.076
	Sundry Creditors	52.877	54.125	349.343
	Provisions	52.998	43.288	12.905
Total Current Liabilities		1253.392	785.136	380.324
Net Current Assets		1704.459	1504.406	1212.334
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4581.443	3465.971	2278.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3944.000	2976.292	2047.164
		Other Income
		TOTAL (A)	3944.000	2976.292	2047.164
Less	EXPENSES
		Cost of Materials
		Manufacturing Expenses
		Employees Remuneration
		Increase/(Decrease) in Finished Goods	NA	2924.448	2209.542
		Selling and Distribution Expenses
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	2924.448	2209.542
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	51.844	(162.378)
Less	FINANCIAL EXPENSES (D)		NA	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	51.844	(162.378)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		184.000	51.844	(162.378)
Less	TAX (H)		NA	38.074	(1.477)
	PROFIT AFTER TAX (G-H) (I)		NA	13.770	(160.901)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings			72.062
		Commission Earnings	NA	2104.000	286.947
		Other Earnings			0.000
	TOTAL EARNINGS		NA	2104.000	359.009
	IMPORTS
		Raw Materials	NA	NA	545.912
		Stores & Spares	NA	NA	2.087
		Capital Goods	NA	NA	140.073
		Others	NA	NA	495.252
	TOTAL IMPORTS		NA	NA	1183.324
	Earnings Per Share (Rs.)		--	0.14	1.60

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.46	(7.86)
Net Profit Margin (PBT/Sales)	(%)	4.66	1.74	(7.93)
Return on Total Assets (PBT/Total Assets}	(%)	3.21	1.80	(7.40)
Return on Investment (ROI) (PBT/Networth)		0.18	0.04	(0.14)
Debt Equity Ratio (Total Liability/Networth)		5.01	2.69	1.33
Current Ratio (Current Asset/Current Liability)		2.35	2.92	4.19

LOCAL AGENCY FURTHER INFORMATION

OPERATION:

During the year under review, The Company has earned a total income including other income of Rs. 3944 million (previous period Rs. 2,976 million) which includes Rs. 399 million (previous year Rs. 339 million) by way of exports. After meeting the operative expenses, the loss before tax works out to Rs. 184 million (previous year profit before tax Rs. 52 million). This loss is significantly on account of higher depreciation and significantly higher interest expenses and cash loss is Rs. 55 million. Investment made and capacity utilisation is ongoing.

change of address:

the Registered Address of the company was 1-2, Community Centre, Aram Bagh, panchkuian Road, New Delhi – 110 055 change to present Registered Office w.e.f 15.02.2008.

FIXED ASSETS :

• Goodwill
• Software
• Freehold Land
• Buildings
• Leasehold Improvements
• Plant and Machinery
• Office Equipments
• Computers
• Furniture and Fixtures
• 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 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.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
TOTAL		39

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

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.