1. Summary Information

		Country	India
Company Name	INDIAN ADDITIVES LIMITED	Principal Name 1	Mr. Nannat Chandrasekharan
Status	Satisfactory	Principal Name 2	Mr. Balachandran Kolvilakathu
		Registration #	18-017705
Street Address	Express Highway, Manali, Chennai – 600068, Tamilnadu, India
Established Date	13.07.1989	SIC Code	--
Telephone#	91-44-25941236	Business Style 1	Manufacture
Fax #	91-44-25941184	Business Style 2	Market Chemical Additives
Homepage	http://www.ialindia.com	Product Name 1	Oil Industry.
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 236680200/-	Product Name 3	--
Shareholders	Foreign holdings – 50% Bodies corporate – 50%	Banking	Indian Overseas Bank
Public Limited Corp.	NO	Business Period	22 years
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (54)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Chevron Oronite Company LLC	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	848,572,000	Current Liabilities	458,552,000
Inventories	414,435,000	Long-term Liabilities	000
Fixed Assets	175,701,000	Other Liabilities	11,400,000
Deferred Assets	000	Total Liabilities	469,952,000
Invest& other Assets	19,916,000	Retained Earnings	751,992,000
		Net Worth	988,672,000
Total Assets	1,458,624,000	Total Liab. & Equity	1,458,624,000
Total Assets (Previous Year)	1,030,886,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	3,231,212,000	Net Profit	412,938,000
Sales(Previous yr)	2,408,296,000	Net Profit(Prev.yr)	86,728,000

MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	INDIAN ADDITIVES LIMITED
Registered Office :	Express Highway, Manali, Chennai – 600068, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.07.1989
Com. Reg. No.:	18-017705
Capital Investment / Paid-up Capital :	Rs.236.680 millions
CIN No.: [Company Identification No.]	U24294TN1989PLC017705
TAN No.: [Tax Deduction & Collection Account No.]	MUMI02603G/ CHEI0413A
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacture and Market Chemical Additives for the Oil Industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a 50:50 joint venture between Cheuron Oronite Company LLC, USA and Chennai Petroleum Corporation Limited, India. It is an established company having satisfactory track. 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 Office/Factory :	Express Highway, Manali, Chennai – 600068, Tamilnadu, India
Tel. No.:	91-44-25941236
Fax No.:	91-44-25941184
E-Mail :	ncnc@ialindia.com arja@ialindia.com nrav@ialindia.com bprj@ialindia.com ncs@cpcl.co.in
Website :	http://www.ialindia.com
Corporate Office :	480, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-25942133
Fax No.:	91-44-25941184

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Nannat Chandrasekharan

Designation :

Director

Address :

GF1, Dakshin, 84 First Avenue, Indira Nagar, Adyar, Chennai – 600020, Tamilnadu

Date of Birth/Age :

19.05.1945

Date of Appointment :

19.09.2006

Din No.:

 00245905

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	U24294TN1989PLC017705	INDIAN ADDITIVES LIMITED	Director	31-01-03	31-01-03	31-05-11	Active	NO
2	U11101TN1989PLC017403	NATIONAL AROMATICS AND PETROCHEMICALS CORPORATION LIMITED	Nominee director	01-02-04	01-02-04	31-05-11	Active	NO
3	L40101TN1965GOI005389	CHENNAI PETROLEUM CORPORATION LIMITED	Whole-time director	05-03-04	05-03-04	31-05-11	Active	NO

Name :

Mr. Balachandran Kolvilakathu

Designation :

Director

Address :

Old No.67, New No.2, Seethammal Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

14.05.1955

Date of Appointment :

01.10.2006

Din No.:

00870237

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	U24294TN1989PLC017705	INDIAN ADDITIVES LIMITED	Director	01-10-06	01-10-06	-	Active	NO
2	L40101TN1965GOI005389	CHENNAI PETROLEUM CORPORATION LIMITED	Managing director	01-12-09	01-10-06	-	Active	NO
3	U11101TN1989PLC017403	NATIONAL AROMATICS AND PETROCHEMICALS CORPORATION LIMITED	Nominee director	01-12-09	01-12-09	-	Active	NO

‘Name :

Mr. Chandrasekaran Sundaram

Designation :

Director

Address :

Plot No.2244, 7^th Street, AF Block, 11^th Main Road, Anna Nagar, Chennai – 600040, Tamilnadu, India

Date of Birth/Age :

20.08.1951

Date of Appointment :

27.09.2010

Email :

schandra@cpcl.co.in

Din No.:

00505695

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	L40101TN1965GOI005389	CHENNAI PETROLEUM CORPORATION LIMITED	Whole-time director	02-07-06	02-07-06	11-05-11	Active	NO
2	U11101TN1989PLC017403	NATIONAL AROMATICS AND PETROCHEMICALS CORPORATION LIMITED	Nominee director	07-09-06	07-09-06	11-05-11	Active	NO
3	U24294TN1989PLC017705	INDIAN ADDITIVES LIMITED	Director	27-09-10	01-12-09	11-05-11	Active	NO

Name :

Mr. Gandikota Subramaniam Ramachandran

Designation :

Managing Director

Address :

2, Madanagopal Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

14.03.1950

Date of Appointment :

10.10.2007

Din No.:

01840657

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	U24294TN1989PLC017705	INDIAN ADDITIVES LIMITED	Managing director	10-10-10	10-10-07	-	Active	NO
2	U23209TN1993PTC054320	CHEVRON LUBRICANTS INDIA Private LIMITED	Alternate director	01-10-10	01-10-10	31-12-10	Active	NO

Name :

Mr. Szopiak Kurt Walter

Designation :

Director

Address :

17, Greenwood Crescent, Singapore – 286983

Date of Birth/Age :

04.07.1960

Date of Appointment :

25.05.2010

Din No.:

03552247

KEY EXECUTIVES

Name :	Mr. B. Pushparaj
Designation :	Company Secretary
Address :	55, New No.85, Medavakkam Second Street, Kilpauk, Chennai – 600010, Tamilnadu, India
Date of Birth/Age :	10.06.1954
Date of Appointment :	26.02.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Chennai Petroleum Corporation Limited, India	1183395
Chevron Oronite Company LLC, USA	1183397
N C Sridharan	2
Michael J Dearing	1
K Balachandran	1
G S Ramachandran	2
S. Chandrasekaran	2
M. Sankaranarayanan	1
Walter Szopiak	1
Total	2366802

(AS ON 30.09.2010)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100

BUSINESS DETAILS

Line of Business :

Manufacture and Market Chemical Additives for the Oil Industry.

Products :

Products Description	Item Code No.
Lubricating Oil Additives	38112

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Blending Units	--	--	15000	20773
Ashless Dispersant	--	--	6300	7325
Metallic Detergents (Calcium Phenates)	--	--	3000	6477
Metallic Detergents (Calcium Sulphonates)	--	--	Nil	613
Dispersant Base Stock (PIBSA)	--	--	4200	6316

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank

Chennai House, Esplanade, Chennai – 600001, Tamilnadu, India

Facilities :

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Secured Loan Cash Credit Account	--	25.929
Total	--	25.929

Note:

Secured by hypothecation of stocks and book debts of the company, and first charge on movable and immovable properties (Present and future)

Unsecured loan	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loan from a Bank	--	120.000
Total	--	120.000

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India
Associates/Subsidiaries :	· Chevron Oronite Company LLC (COCL) – 50% Stock Holder · Chevron Oronite Pte. Limited (COPL) – Fellow Subsidiary · Chevron Oronite SA (COSA) - Fellow Subsidiary · Chevron Oronite Japan Limited (COJL) - Fellow Subsidiary · Chennai Petroleum Corporation Limited (CPCL) - 50% Stock Holder · Oronite Australia Private Limited (OAPL) - Fellow Subsidiary

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
2394467	Equity Shares	Rs.100/- each	Rs.239.446 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2366802	Equity Shares	Rs.100/- each	Rs.236.680 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		236.680	236.680	236.680
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		751.992	438.740	376.933
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		988.672	675.420	613.613
LOAN FUNDS
1] Secured Loans		0.000	25.929	0.000
2] Unsecured Loans		0.000	120.000	0.000
TOTAL BORROWING		0.000	145.929	0.000
DEFERRED TAX LIABILITIES		11.400	11.300	11.300
TOTAL		1000.072	832.649	624.913
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		175.701	142.794	133.221
Capital work-in-progress		19.916	4.639	2.440
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	414.435	396.678	305.751
	Sundry Debtors	295.964	369.137	232.526
	Cash & Bank Balances	386.545	2.254	51.243
	Other Current Assets	7.370	4.457	6.569
	Loans & Advances	158.693	110.927	94.989
Total Current Assets		1263.007	883.453	691.078
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	287.860	132.537	164.154
	Other Current Liabilities	11.979	8.936	0.000
	Provisions	158.713	56.764	37.672
Total Current Liabilities		458.552	198.237	201.826
Net Current Assets		804.455	685.216	489.252
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1000.072	832.649	624.913

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3231.212	2408.296	1869.821
		Other Income	33.060	30.849	20.634
		TOTAL (A)	3264.272	2439.145	1890.455
Less	EXPENSES
		Raw Material Consumed	2155.064	1941.122	1301.781
		Increase/(Decrease) in Finished Goods	10.709	(9.135)	12.889
		Salaries, Wages, Bonus, etc.67.334	106.422	77.717	72.866
		Other Expenditure	300.215	243.197	219.166
		TOTAL (B)	2572.410	2252.901	1606.702
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		691.862	186.244	283.753
Less	FINANCIAL EXPENSES (D)		5.369	19.965	2.884
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		686.493	166.279	280.869
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.594	16.545	20.568
	PROFIT BEFORE TAX (E-F) (G)		666.899	149.734	260.301
Less	TAX (H)		253.961	63.006	112.290
	PROFIT AFTER TAX (G-H) (I)		412.938	86.728	148.011
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		392.832	331.025	221.327
Less	APPROPRIATIONS
		Transfer to General Reserve	41.294	--	3.700
		Proposed Dividend on Equity shares Capital	85.205	21.301	29.585
		Tax on Dividend	14.481	3.620	5.028
	BALANCE CARRIED TO THE B/S		664.790	392.832	331.025
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	28.680	54.851	145.409
	TOTAL EARNINGS		28.680	54.851	145.409
	IMPORTS
		Raw Material and Intermediates	1007.592	974.183	595.257
		Components and Spares	2.268	4.147	3.453
		Capital Goods	1.137	1.025	4.218
	TOTAL IMPORTS		1010.997	979.355	602.928
	Earnings Per Share (Rs.)		174.46	36.64	62.53

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	12.65	3.55	7.83
Net Profit Margin (PBT/Sales)	(%)	20.64	6.22	13.92
Return on Total Assets (PBT/Total Assets}	(%)	46.35	14.59	31.58
Return on Investment (ROI) (PBT/Networth)		0.67	0.22	0.42
Debt Equity Ratio (Total Liability/Networth)		0.46	0.50	1.13
Current Ratio (Current Asset/Current Liability)		2.75	4.45	3.42

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL PERFORMANCE AND OUTLOOK:

The company established several records during the year, notable ones being.

· Highest ever annual sale volume

· Highest ever annual sale revenue

· Highest ever annual profit after tax

Key Highlight of 2009-10 performance in comparison to 2008-09 were…

· Overall Sales tonnage increased by 25%

· Gross Sales revenue was up by 29%, riding on the volumes growth

· Total input costs were higher by 12% due to increased volumes and helped by reduction in prices of key raw materials like base Oil, whose effective unit procurement cost dropped by 30%.

· Employees costs were higher by 36% mainly due to changes made in working assumptions to calculate value of compensated absence and Gratuity,

· Other expenses escalated by 23% due to higher repair costs associates with increased utilization of plant and equipments.

· Financing costs were down by 73% due to improved cash realization from operations and favorable working capital changes.

· Depreciation charge was higher by 18% reflecting the increased capital spending.

The company effect of all the above development resulted in the company clocking its best performance ever.

The company has drawn up plans to sustain the growth in volumes and profitability achieved during the completed year.

MANUFACTURING ACTIVITIES

Process plants were stretched to meet the increased demand leading to frequent equipment breakdowns. Record production of components and finished products were achieved during the year. Power restrictions imposed by the Tamilnadu Electricity Board continue and are managed by purchase of a high capacity DG set.

The supply situation of raw materials continues to be tight and was the main reason for the low year-end inventory level in spite of higher level of operation.

A project to manufacture an anti-oxidant was successfully implemented.

MARKETING ACTIVITIES

There was an economic recovery in India during 2009-10 post the slowdown that occurred during the later part of 2008-09. Consequently, there was an all round growth across industries. Automobile industry too recorded substantial growth in sales compared to the previous year, Leading to an overall growth in sales volume for major segments in the domestic market. There were also export opportunities which further contributed to the volume growth. The Company benefited from all these developments and posted the highest ever annual sales tonnage and revenue.

The Indian Rupee appreciated by nearly 11% over 2009-10 after the sharp depreciation seen over 2008-09. This lead to lower sale price realization for globally negotiated USD based businesses. Competition too incaresed from overseas suppliers an d pricing was under pressure. Owing to the rising trend of input and products costs, sale prices were increased for customers in the second half, wherever contracts allowed.

A Customer Seminar was conducted at Goa between 8th and 10th December, It was well participated by- Lubricant Industry.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90281720
Corporate identity number of the company	U24294TN1989PLC017705
Name of the company	INDIAN ADDITIVES LIMITED
Address of the registered office or of the principal place of business in India of the company	Express High Way,Manali, Madras, Tamil Nadu – 600068, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Indian Overseas Bank Chennai House, Esplanade, Chennai – 600001, Tamilnadu, India esplnbr@chemsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Acknowledgement of Sanction letter dated 26.02.2009 DP Note for Rs.60.000 Millions Letter of Hypothecation dated 26.02.2009 Hypothecation of Book debts dated 26.02.2009
Date of instrument Creating the charge	26.02.2009
Amount secured by the charge	Rs.205.000 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC ROI-BPLR Presently 12.50% p.a PCFC ROI at the time of avialment term loan Interest-BPLR ( Presently 12.50 P.A) Terms of Repayment CC as per sanction letter 1 year from the date of execution Term Loan in 60 monthly installments with a holiday period of 15 months from the date of A first disbursal Margin Margin 25% Extent and Operation of the charge On Movable and immovable assets of the company
Short particulars of the property charged	On the movable and immovable assets of the company
Particulars of the present modification	Increase of facilities from Rs.145.000 Millions to Rs. 205.000 Millions by the sanction of additional working capital facilities.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Equipments and Appliances

· Furniture and Fixture

· 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 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. 49.08
UK Pound	1	Rs. 78.65
Euro	1	Rs. 67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.