MIRA INFORM REPORT

Report Date :

27.12.2011

IDENTIFICATION DETAILS

Name :	SEAMEC LIMITED
Registered Office :	9^th Floor, A 901-905, 215 Atrium, Andheri Kurla Road, Andheri (East), Mumbai-400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.12.1986
Com. Reg. No.:	11-154910
Capital Investment / Paid-up Capital :	Rs.339.000 Millions
CIN No.: [Company Identification No.]	L63032MH1986PLC154910
TAN No.: [Tax Deduction & Collection Account No.]	MUMS34230A
PAN No.: [Permanent Account No.]	AABCP8214H
Legal Form :	Public limited liability company. Company’s shares are listed on the Stock Exchanges.
Line of Business :	Subject is engaged in providing support services, including marine, construction and diving services to offshore oilfields.
No. of Employees :	42 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 17000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has incurred some loss in the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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

LOCATIONS

Registered / Corporate Office :	9^th Floor, A 901-905, 215 Atrium, Andheri Kurla Road, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-66941800
Fax No.:	91-22-66941818
E-Mail :	seamec@boms.vsnl.net.in
Website :	www.technip.com

DIRECTORS

As on 31.03.2011

Name :	Mr. Shardul Thacker
Designation :	Chairman
Name :	Captain C.J. Rodricks
Designation :	Managing Director
Name :	Mr. Georges Michel
Designation :	Director
Name :	Mr. Christophe Armengol
Designation :	Director
Name :	Mrs. Bhavna Doshi
Designation :	Director
Name :	Mr. Carl Holmen
Designation :	Director

KEY EXECUTIVES

Audit Committee:
	Mrs. Bhavna Doshi Mr. Shardul Thacker Mr. Christophe Armengol
Management Committee:	Mr. Carl Holmen Captain C.J. Rodricks
Name :	Mr. S. N. Mohanty
Designation :	Chief Legal Officer and Company Secretary
Name :	Mr. S. S. Biswas
Designation :	Chief Financial Officer
Name :	Mr. R. R. Roy
Designation :	General Manager (Operations)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	25,425,000	75.00
Sub Total	25,425,000	75.00
Total shareholding of Promoter and Promoter Group (A)	25,425,000	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1,562,300	4.61
Financial Institutions / Banks	110,295	0.33
Central Government / State Government(s)	5,601	0.02
Foreign Institutional Investors	498,158	1.47
Sub Total	2,176,354	6.42
(2) Non-Institutions
Bodies Corporate	989,973	2.92
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	4,177,800	12.32
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	840,400	2.48
Any Others (Specify)	290,473	0.86
Non Resident Indians	154,406	0.46
Overseas Corporate Bodies	300	-
Clearing Members	127,302	0.38
Trusts	4,015	0.01
Directors & their Relatives & Friends	4,450	0.01
Sub Total	6,298,646	18.58
Total Public shareholding (B)	8,475,000	25.00
Total (A)+(B)	33,900,000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	33,900,000	-

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing support services, including marine, construction and diving services to offshore oilfields.

Products :

ITC CODE	PRODUCT
890590-09	Maintenance of offshore oilfield installations

GENERAL INFORMATION

No. of Employees :	42 [Approximately]
Bankers :	IDBI Bank Limited

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	16^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33900000	Equity Shares	Rs.10/- each	Rs.339.000 Millions

Note: Of the above shares, 25425000 shares are held by Coflexip Stena Offshore Mauritius Limited the holding company, which is a wholly owned subsidiary of Technip SA, France, the ultimate holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 [12^th Months]	31.03.2010 [15^th Months]	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		339.000	339.000	339.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4131.523	4798.734	2878.663
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4470.523	5137.734	3217.663
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4470.523	5137.734	3217.663
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2018.230	2068.931	2332.430
Capital work-in-progress		107.523	153.428	9.447
INTANGIBLE ASSETS		0.379	0.602	0.880
INVESTMENT		12.240	12.240	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	191.661	177.047	117.649
	Sundry Debtors	385.759	349.622	529.761
	Cash & Bank Balances	2024.929	2551.446	635.425
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	110.286	368.408	323.486
Total Current Assets		2712.635	3446.523	1606.321
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	362.659	400.666	562.105
	Other Current Liabilities	5.588	123.649	154.144
	Provisions	12.237	19.675	15.166
Total Current Liabilities		380.484	543.990	731.415
Net Current Assets		2332.151	2902.533	874.906
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4470.523	5137.734	3217.663

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 [12^th Months]	31.03.2010 [15^th Months]	31.12.2008
	SALES
		Charter Hire Income	1023.667	4247.765	2682.973
		Service Charge	0.092	0.642	2.887
		Other Income	133.455	161.108	40.884
		TOTAL (A)	1157.214	4409.515	2726.744
Less	EXPENSES
		Operating Expenses	1395.827	1527.488	1729.545
		Administrative Expenses	171.751	483.519	255.650
		Exceptional Items	(44.442)	(6.407)	0.000
		TOTAL (B)	1523.136	2004.600	1985.195
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(365.922)	2404.915	741.549
Less	FINANCIAL EXPENSES (D)		3.852	4.802	3.758
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(369.774)	2400.113	737.791
Less/ Add	DEPRECIATION/ AMORTISATION (F)		264.700	321.681	254.128
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(634.474)	2078.432	483.663
Less	TAX (H)		33.130	39.377	12.450
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(667.604)	2039.055	471.213
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2910.173	1619.007	1285.294
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	203.905	0.000
		Transfer to Tonnage Tax Reserve	0.000	425.000	137.500
		Dividend	0.000	101.700	0.000
		Tax on Dividend	(0.393)	17.284	0.000
	BALANCE CARRIED TO THE B/S		2242.962	2910.173	1619.007
	EARNINGS IN FOREIGN CURRENCY
		Charter Hire Income	539.836	3750.543	2326.012
		Service Charges	0.064	0.485	2.799
		Interest on Delayed Payment	1.022	6.344	2.490
		Other Earnings	0.000	0.000	19.080
	TOTAL EARNINGS		540.922	3757.372	2350.381
	IMPORTS
		Stores & Spares	235.028	199.190	144.187
		Capital Goods	163.946	66.030	267.258
	TOTAL IMPORTS		398.974	265.220	411.445
	Earnings / (Loss) Per Share (Rs.)		(19.69)	60.15	13.90

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter
Net Sales	460.400	275.300
Total Expenditure	333.500	316.800
PBIDT (Excl OI)	126.900	(41.500)
Other Income	41.000	64.300
Operating Profit	167.900	22.800
Interest	0.400	1.000
PBDT	167.500	21.800
Depreciation	68.900	70.400
Profit Before Tax	98.600	(48.600)
Tax	12.300	12.200
Profit After Tax	86.300	(60.800)
Net Profit	86.300	(60.800)

KEY RATIOS

PARTICULARS		31.03.2011 [12^th Months]	31.03.2010 [15^th Months]	31.12.2008
PAT / Total Income	(%)	(57.69)	46.24	17.28
Net Profit Margin (PBT/Sales)	(%)	(61.98)	48.93	18.03
Return on Total Assets (PBT/Total Assets}	(%)	(13.41)	37.68	12.28
Return on Investment (ROI) (PBT/Networth)		(0.14)	0.40	0.15
Debt Equity Ratio (Total Liability/Networth)		0.09	0.11	0.23
Current Ratio (Current Asset/Current Liability)		7.13	6.34	2.20

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS

In the Directors report of 2009-2010, members were given a perspective of the deteriorating economic indicators and their adverse impact on the deployment and charter rate of vessels which was fall out of unprecedented global economic recession.

The adverse impact for the company became visible during the year. The charter rates dropped significantly and for most part of the year majority of vessels were idling due to slow progress in execution of projects in oil and gas industry. In addition, three of company’s four vessels were under statutory maintenance during the year for which Rs.323.780 Millions was expensed out. The impressive performance achieved during 15 months period ended on 31.03.2010 was overshadowed by the performance of the year ended on 31.03.2011. The revenue from the vessels operations for the period was Rs.1023.759 Millions against revenue earned for the period ended 31.03.2010 of Rs.4248.407 Millions. The inevitable consequence of sharp drop in employment and charter rate of vessels coupling with dry dock of three vessels resulted in ending with loss of Rs.667.604 Millions for the year 2010- 2011 against the profit of Rs.2039.055 Millions in 2009-2010.

During this stressful situation, the Company cautiously monitored the cost control measures to arrest adverse burden. The Company continues to retain its debt free status. Cash Balance at the beginning of financial period was Rs.2551.446 Millions. The balance at the end of the period was Rs.2024.929 Millions a decrease of 20 % over last year.

The company had utilized the Shipping Reserve created under section 33 AC for Rs.351.000 Millions and Tonnage Tax Reserve for Rs.59.400 Millions created under section 115V of the Act. These reserves after completion of 3 years were transferred to General Reserve during the year. Due to shipping loss, no Reserve was transferred to Tonnage Tax Reserve u/s 115V of Income Tax Act, 1961 in the year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

OVERVIEW

Globally, the major economies continued through recession in the last twelve months. The adverse impact on oil and gas businesses and shipping worldwide was witnessed with extreme delay of projects resulting in a state of slowdown. Off Shore industry suffered significantly due to sharp fall in demand for offshore support vessels in all oilfields coupled with reduction in rates. SEAMEC experienced the worst hit as its growth spree came to a halt. Despite best efforts, vessel utilization was only 49% with sharp fall in charter rates. This is mainly due to the diving sector work reducing significantly during the year. The scenario appears to be slightly changing in 2011. The work in India appears to be on the rise, with work in the near markets showing only a slight improvement. Bringing all the vessels to India for work is showing good results. There is a sign of revival in economy globally and more so in Oil and shipping industry in major parts of the globe including India, China, Middle East, Far East and South East Asia is on the card. Oil and exploration majors are revamping their activities. Forecast of investment growth in exploration and production is about 11%. The outcome of the above in turn will lead to demand of Diving Support Vessels, SEAMEC’s line of business.

CONTINGENT LIABILITIES: [AS on 31.03.2011]

The case against the Company alleging violation of Foreign Exchange Regulation Act (FERA), related to acquisition of Land drilling Rig, is pending before the Hon’ble Mumbai High Court. The Company has furnished a Bank Guarantee of Rs.100.000 millions to the Enforcement Directorate, FERA, towards penalty imposed, as directed by the Hon’ble Mumbai High Court. The bank guarantee is valid till June 30, 2011. No provision is considered necessary in respect of the said penalty as the management believes, based on legal opinion, that there has been no contravention to FERA.

FIXED ASSETS:

· Fleet and Fleet Equipment

· Machinery Spares

· Furniture

· Fittings and Office Equipment

· Vehicles

WEBSITE DETAILS:

BUSINESS DESCRIPTION:

Subject is engaged in providing support services, including marine, construction and diving services to offshore oilfields in India and abroad. The Company is a subsidiary of Coflexip Stena Offshore (Mauritius) Limited, which is owned by Technip S.A. France. Subject is engaged in ongoing subsea inspection, repair, maintenance and light construction required for support of offshore oil production. The Company owns and operate four support vessels: Seamec-I, Seamec-II, Seamec-III and Seamec Princess. During the fiscal year ended March 31, 2010 (fiscal 2009), business segment for the Company was off shore segment. For the three months ended 30 June 2010, Subject revenues decreased 72% to Rs.286.900 Millions. Net loss totaled Rs.226.900 Millions, vs. an income of Rs.598.900 Millions. Revenue reflects decreased income from Domestic and Overseas segment. Net loss reflects an increase in consumables and Spares and the presence of Dry Dock expenditure Subject is engaged in providing support services, including marine, construction and diving services to offshore oilfields.

BOARD OF DIRECTORS:

Shardul J. Thacker

Non-Executive Independent Chairman

Mr. Shardul J. Thacker is Non-Executive Independent Chairman of the Board of Subject. Mr. Thacker is the Chairman of Board of Directors and of the Shareholder /Investors Grievance and Transfer Committee of the Company besides being a member of its Audit Committee. Mr. Thacker does not hold any shares in the company. He is an eminent legal professional having experience in the field of law, more specifically in Banking Corporate law, Cross-border transactions, project and Ship Finance. He is the partner of Mulla and Mulla and Craigie Blunt and Caroe, Advocates, Solicitors and Notaries. He is solicitor, Law Society Mumbai and is admitted as solicitor of Supreme Court of England and Supreme Court of Hong Kong. Mr. Thacker is a Director on the Board of Formento Resorts and Hotels Limited, Ruby Mills Limited, RPG Enterprises Ltd and CGU Logistics Limited

Bhavana Doshi

Non-Executive Independent Director

Mrs. Bhavna Doshi is Non-Executive Independent Director of Subject. She is a Chartered Accountant having experience of over 25 years in the profession. Accounting and Taxation are her forte. At present, she provides consultancy services to corporates and is Senior Advisor to KPMG, India. She is an elected member of the Council of the Institute of Chartered Accountants of India. She was a member of the Compliance Advisory Panel the International Federation of Accountants, New York. She serves as Independent Director on Board of several companies including Peninsula Land Ltd and LIC Pension Fund Limited She is elected as Vice President of the Indian Merchants' Chamber for the year 2010-11. She is the member of Board and shareholder/investor Grievance and Transfer Committee and Chairperson of Audit Committee of the Company.

Georges Michel

Non-Executive Director

Mr. Georges Michel is Non-Executive Director of Subject. Mr. Michel by qualification is an Engineer having more than 38 years experience in offshore Business. Based in Paris, he holds the position of VP Sales, Subsea Unit Africa Middle East and India. Mr. Michel does not hold any shares in the company. Mr. Michel is not a Director in any other company in India nor is a member of any other Committee in India.

Christopher J. Rodricks

Managing Director

Captain Christopher J. Rodricks is Managing Director, Executive Director of Subject. He joined the Company in the year 2003 as Chief Operating Officer. He was elevated to Managing Director in 2005. Captain C.J. Rodricks , by qualification holds a Masters Degree (Foreign Going) and has experience of 38 years in Shipping Industry. During his illustrative career, he worked in senior positions in many reputed Indian and Foreign Companies. Offshore Shipping Management is his experience in specific functional area. His competency and experience have been beneficial to the company. Under his leadership the Company increased its Fleet strength and got recognition abroad through operations.

PRESS RELEASES:

SEAMEC ENTERS INTO CHARTER PARTY WITH KREUZ SUBSEA, SINGAPORE

29 JULY 2011

India, July 29 -- SEAMEC has entered into a charter party with Kreuz Subsea, Singapore for deployment of vessel 'SEAMEC PRINCESS' for a firm period of 30 days with the option of extension. The charter will commence in the second week of August' 2011 and the contract value would be $1.55 million approximately.Recently, SEAMEC had extended the contract for deployment of vessel SEAMEC III with Kreuz Subsea until March 31, 2012 with further option for extension. The company had entered the contract with effect from May 19, 2011 for a firm period of 90 days. The total contract value until March 31, 2012 would be $9.3 million approximately. SEAMEC is engaged in the business of operating multi-support vessels for diving and for providing underwater/sub-sea engineering services, deep sea diving, and inspection of underwater structures, repairs and maintenance of offshore platform fire-fighting services and rescue operations.

DEPLOYMENT OF VESSEL SEAMEC PRINCESS

28 JULY 2011

India, July 28 -- Seamec Limited has informed BSE that the Company has entered into a Charter party with Kreuz Subsea Pte Limited, Singapore for deployment of Vessel "SEAMEC PRINCESS" for a firm period of 30days with the option of extension. The Charter to commence in the second week of August 2011. The Contract value would be US $1.55 Mil approx.

SEAMEC EXTENDS THE CONTRACT FOR DEPLOYMENT OF VESSEL SEAMEC III WITH KREUZ SUBSEA

26 JULY 2011

India, July 26 -- Seamec has extended the contract for deployment of vessel SEAMEC III with Kreuz Subsea until March 31, 2012 with further option for extension. The company had entered the contract with effect from May 19, 2011 for a firm period of 90 days. The total contract value until March 31, 2012 would be $9.3 million approx. SEAMEC is engaged in the business of operating multi-support vessels for diving and for providing underwater/sub-sea engineering services, deep sea diving, and inspection of underwater structures, repairs and maintenance of offshore platform fire-fighting services and rescue operations.

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 records 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.52.82
UK Pound	1	Rs.82.47
Euro	1	Rs.68.93

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	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	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.