MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	LUBRIZOL INDIA PRIVATE LIMITED
Registered Office :	2^nd Floor, VIP House, 88-C, Old Prabhadevi Road, Mumbai – 400 025, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	20.07.1966
Com. Reg. No.:	11-13538
Capital Investment / Paid-up Capital :	Rs.192.000 Millions
CIN No.: [Company Identification No.]	U23201MH1966PTC013538
TAN No.: [Tax Deduction & Collection Account No.]	MUML04740B
PAN No.: [Permanent Account No.]	AAACL0126H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of Lubricants.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 11000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

INFORMATION DECLINED BY

Name :	Mr. M K Kanatiya
Designation :	Finance Manager
Date :	18.10.2011

LOCATIONS

Registered Office / Marketing Division:	2^nd Floor, VIP House, 88-C, Old Prabhadevi Road, Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-24300672 / 0784 / 1856 / 2315 / 24222062 / 24302315 / 24370995
Fax No.:	91-22-24300251 / 24370994 / 24366097
E-Mail :	pvs@lubrizol.com indulekha.godse@lubrizol.com
Website :	http://www.petroleum.nic.in/lil.htm http://www.lubrizolindia.com
Location :	Owned
Regional Office 1 :	524/525, 5^th Floor, Core - 6, Scope Complex, Lodhi Road, New Delhi – 110 003, India
Tel. No.:	91-11-24361317
Fax No.:	91-11-24362879 / 24361629
Regional Office 2 :	Apeejay Business Center, Apeejay House, 12, Haddows Road, Nungambakkam, Chennai – 600 006, Tamilnadu, India
Tel. No.:	91-44-2822 4949
Regional Office 3 :	Room No.-7, 6th floor Shantiniketan, 8, Carnac Street, Kolkata-700017, West Bengal, India
Tel. No.:	91-33-22824063
Fax No.:	91-33-22825782
Factory 1 / Technical Support Facility:	9/3, Thane Belapur Road, Turbhe, District Thane, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27672568 / 67759570
Fax No.:	91-22-27627155 / 67759434
Factory 2 :	T-6, MIDC, Industrial Area, Taloja, District Raigad, Maharashtra, India
Tel. No.:	91-22-27410813
Fax No.:	91-22-27410910
Branch Office 1 :	Apeejay Business Center, Apeejay House, 12, Haddows Road, Nungambakkam, Chennai – 600 006, Tamilnadu, India
Tel. No.:	91-44-28224949
Branch Office 2 :	Temple Tower, 2^nd Floor, Nandanam, 476, Anna Salai, Chennai – 600 035, Tamilnadu, India
Tel. No.:	91-44-24346451
Fax No.:	91-44-24330943
Branch Office 3 :	Room No. 7, 6^th Floor, Shantiniketan, 8, Carnac Street, Kolkata – 700 017, West Bengal, India
Tel. No.:	91-33-22824063
Fax No.:	91-33-22825782

DIRECTORS

As on 05.05.2011

Name :	Mr. Madhukar Ramniklal Kumbhani
Designation :	Managing Director
Address :	99, Dariya Mahal B 80, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	04.02.1950
Date of Appointment :	01.10.2006
DIN No.:	01902492

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U23201MH1966PTC013538	Lubrizol India Private Limited	Managing director	01-10-06	01-10-06	Active	NO
2	U24110GJ1991PTC015002	Lubrizol Advanced Materials India Private Limited	Director	18-08-11	26-03-11	Active	NO

Name :	Mr. Narasimachariar Gopala Desika Chariar Kannan
Designation :	Director
Address :	K – 99, 16^th Street, Anna Nagar, Chennai – 600 102, Tamilnadu, India
Date of Birth/Age :	08.06.1946
Date of Appointment :	01.04.2007
DIN No.:	00142201
Name :	Mr. Darius Cavasji Shroff
Designation :	Director
Address :	Moonlight, Flat No.8, 158, M. Karve Road, Churchgate, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	08.08.1944
Date of Appointment :	22.07.2004
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	13-04-89	13-04-89	-	Active	NO
2	L29130MH1961PLC011980	SKF India Limited	Director	03-04-93	03-04-93	-	Active	NO
3	L29130MH1976PLC019147	Kulkarni Power Tools Limited	Director	30-03-95	30-03-95	-	Active	NO
4	U23201DL1993PTC190652	Avi-Oil India Private Limited	Director	06-08-96	06-08-96	-	Active	NO
5	L28920MH1957PLC010839	Siemens Limited	Director	20-02-97	20-02-97	-	Active	NO
6	U24245GA1994PTC001708	Professional Oral Care Products Private Limited	Director	12-11-98	12-11-98	06-07-09	Amalgamated	NO
7	L72200MH1990PLC056987	UTV Software Communications Limited	Director	20-05-00	20-05-00	-	Active	NO
8	U26993MH1983PLC205758	Unifrax India Limited	Director	06-10-00	06-10-00	-	Active	NO
9	L24120MH1995PLC086986	CIBA India Limited	Director	25-01-01	25-01-01	30-11-07	Amalgamated	NO
10	U67120MH2002PTC135029	Swiss Re Services India Private Limited	Director	27-02-02	27-02-02	-	Active	NO
11	U24110MH2003PLC142216	Bayer Polychem (India) Limited	Director	30-09-03	30-09-03	-	Amalgamated	NO
12	U23201MH1966PTC013538	Lubrizol India Private Limited	Alternate director	22-07-04	22-07-04	-	Active	NO
13	U92110MH2003PTC141168	Warner Bros Pictures (India) Private Limited	Director	20-01-05	20-01-05	-	Active	NO
14	L05190KA1921PLC036321	Ingersoll-Rand (India) Limited	Director	23-12-05	23-12-05	-	Active	NO
15	L29199GJ1962PLC001171	GMM Pfaudler Limited	Director appointed in casual vacancy	13-10-06	13-10-06	-	Active	NO
16	U19113MH1995PTC179724	Bayer Material Science Private Limited	Director	07-12-06	07-12-06	-	Active	NO
17	U26960MH2011FTC216269	Unifrax India Energy Saving Materials Private Limited	Director	15-04-11	15-04-11	-	Active	NO

Name :	Mr. David James Fries
Designation :	Director
Address :	2051, Ridgebury Drive, Painsville, OH – 44077, USA
Date of Birth/Age :	14.02.1959
Date of Appointment :	22.07.2004
DIN No.:	00655276
Name :	Mr. Anand Kumar
Designation :	Director
Address :	Flat No.508, 5^th Floor, Sneh Kunj, Plot No. C-58/13, Sector 62, Noida – 201 307, Uttar Pradesh, India
Date of Birth/Age :	28.06.1950
Date of Appointment :	03.09.2007
DIN No.:	01681237

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	L23201MH1959GOI011388	Indian Oil Corporation Limited	Director	24-09-07	31-07-07	01-07-10	Active	NO
2	U23201MH1966PTC013538	Lubrizol India Private Limited	Director	03-09-07	03-09-07	30-06-10	Active	NO
3	U11201DL2003GOI121011	Indian Oil Technologies Limited	Director	18-08-08	21-04-08	-	Active	YES
4	L74999MH1995PLC085878	Solar Industries India Limited	Director	10-08-11	29-10-10	-	Active	NO
5	U10200JH1956GOI000581	Central Coalfields Limited	Director	23-02-11	23-02-11	-	Active	NO

Name :	Mr. Tapas Chattapadhyay
Designation :	Director
Address :	1A, Rammoy Road, Kolkata – 700 025, West Bengal, India
Date of Birth/Age :	11.06.1950
Date of Appointment :	01.10.2008
DIN No.:	02417814
Name :	Mr. Ravinder Kumar Malhotra
Designation :	Director
Address :	303, A.G.C.R. Enclave, New Delhi – 110092, Delhi, India
Date of Birth/Age :	25.06.1954
Date of Appointment :	01.07.2010
Name :	Mr. Ramaswamy Vishwanathan
Designation :	Director
Address :	Flat 201, Bajaj Daimond, 2, Union Park, Pali Hills, Khar (West), Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	11.07.1953
Date of Appointment :	11.04.2011
Name :	Mr. John Louis Petric
Designation :	Director
Address :	9277 Regerncy Woods, Kirtland, OH, Ohio, 44094, United States of America
Date of Birth/Age :	07.05.1951
Date of Appointment :	11.06.2009
DIN No.:	02703611

KEY EXECUTIVES

Name :	Mrs. Indulekha Nitin Godse
Designation :	Secretary
Address :	JN – 4/10/14, Blue Haven, Sector 10, Vashi, Navi Mumbai – 400703, Maharashtra, India
Date of Birth/Age :	02.09.1963
Date of Appointment :	01.12.2004
PAN No.:	ACCPG6775A
Name :	Mr. M K Kanatiya
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.05.2011

Names of Shareholders	No. of Shares
Indian Oil Corporation Limited, U.S.A	960000
The Lubrizol Corporation, U.S.A	960000
Total	1920000

As on 05.05.2011

Equity Share Breakup	Percentage of Holding
Category
Government Companies	50.00
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of Lubricants.
Products :	· Engine Oil – Additives · Viscosity Index- Improvers and Pour Point Depressant · Industrial Oil – Additives
Brand Names :	“ LUBRIZOL”

PRODUCTION STATUS AS ON 31.12.2009

Particulars	Licensed Capacity (MTPA)@	Installed Capacity (MTPA)@	Actual Production (MTPA)
Finished Additive packing Chemical Additives inclusive of: Metal Working Oil Additives, Anti – Oxidant, Corrosion Inhibitor, Detergent Additives, Dispersant, Additives, Extreme Pressure Additives, V.I. Improvers /Pour Point Depressants and Flow Improvers	--	60000	40594
Raw Material - Isobutylene	--	3000	--

Note:

1. @ indicates as certified by Management

2. Production figures are inclusive of production for captive consumption.

3. Since licenses are no longer required for products manufactured, the date for the same are not given.

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, Opposite Shivaji Vidyalaya, Dadar (East), Mumbai – 400 014, Maharashtra, India

· Bank of India, Mumbai, Maharashtra, India.

· ICICI Bank Limited, Mumbai, Maharashtra, India.

Facilities :

Unsecured Loans	As on 31.12.2010 (Rs. In Millions)	As on 31.12.2009 (Rs. in Millions)
From Others – Lubrizol Corporation, USA	0.045	0.047
Total	0.045	0.047

Banking Relations :	Good
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Plot No. 12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025 / 66679100

CAPITAL STRUCTURE

(As on 31.12.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
1920000	Equity Shares	Rs. 100/- each	Rs.192.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1920000	Equity Shares	Rs. 100/- each	Rs.192.000 Millions

Note:

Out of the above shares18,60,000 Equity Shares of Rs.100/- each have been allotted as fully paid up bonus shares by capitalization of General Reserve

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		192.000	192.000	192.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2593.820	2457.684	2035.518
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2785.820	2649.684	2227.518
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.045	0.047	0.049
TOTAL BORROWING		0.045	0.047	0.049
DEFERRED TAX LIABILITIES		45.397	66.469	75.243
TOTAL		2831.262	2716.200	2302.810
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		758.302	778.357	750.112
Capital work-in-progress		45.946	10.786	67.007
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1508.114	1091.952	1316.288
	Sundry Debtors	715.214	601.908	450.746
	Cash & Bank Balances	890.997	740.376	108.724
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	245.576	211.340	331.987
Total Current Assets		3359.901	2645.576	2207.745
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	785.758	527.271	446.792
	Current Liabilities	37.595	42.869	487.074
	Provisions	509.534	148.379	234.980
Total Current Liabilities		1332.887	718.519	722.054
Net Current Assets		2027.014	1927.057	1485.691
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2831.262	2716.200	2302.810

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	GROSS INCOME		7286.194	5660.366	5456.391
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1894.891	1515.647	737.452
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.081
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1894.891	1515.647	737.371
Less/ Add	DEPRECIATION/ AMORTISATION (F)		87.576	92.365	95.405
	PROFIT BEFORE TAX (E-F) (G)		1807.315	1423.282	641.966
Less	TAX (I)		597.699	495.698	221.622
	PROFIT AFTER TAX (G-I) (J)		1209.616	927.584	420.344
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		431.035	101.627	4.106
Less	APPROPRIATIONS
		Transfer to General Reserve	120.961	92.758	42.034
		Proposed Final Dividend	307.200	0.000	96.000
		Tax on Proposed Dividend	49.836	0.000	16.315
		Tax on Interim Dividend	102.044	73.418	24.474
		Interim Dividend	614.400	432.000	144.000
	BALANCE CARRIED TO THE B/S		446.210	431.035	101.627
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	696.264	780.016	1199.880
		Commission Earnings		13.078	16.289
	TOTAL EARNINGS		696.264	793.094	1216.169
	IMPORTS
		Raw Materials	NA	735.150	893.329
		Intermediates	NA	557.442	536.003
		Traded	NA	0.000	10.961
		Stores and Spares	NA	6.182	12.809
		Capital Goods	NA	11.531	4.121
	TOTAL IMPORTS		NA	1310.305	1457.223
	Earnings Per Share (Rs.)		630.01	483.11	NA

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
Return on Total Assets (PBT/Total Assets}	(%)	43.88	53.79	21.70
Return on Investment (ROI) (PBT/Networth)		0.64	0.53	0.29
Debt Equity Ratio (Total Liability/Networth)		0.47	0.27	0.32
Current Ratio (Current Asset/Current Liability)		0.27	3.68	3.06

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.12.2010 Rs. in millions	As on 31.12.2009 Rs. in millions	As on 31.12.2008 Rs. in millions
Total outstanding dues of Micro Enterprises and Small Enterprises	0.048	0.286	0.154
Total outstanding dues of Creditors other than Micro Enterprises and Small Enterprises	785.710	526.985	446.638
Total	785.758	527.271	446.792

PERFORMANCE:

The company‘s 2010 PBT of Rs.1807.300 millions.

SALES AND MARKETING:

Domestic sales volume in 2010 is 14.49% higher than in 2009 as the Indian economy continues to grow after the economic slow down in 2008.

Export sales volume in 2010 is 10.43% lower than in 2009 due to reduced demand from LZ. Export Sales volume peaked in 2008 and the company expects future export sales to be significantly lower than in recent years.

FORM NO. 8 

This form is for	Creation of charge
Corporate identity number of the company	U23201MH1966GOI013538
Name of the company	LUBRIZOL INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, VIP House 88 – C, Old Prabhadevi Road, Mumbai – 400 025, Maharashtra, India.
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of India, Commercial Branch, Opposite Shivaji Vidyalaya, Dadar (East), Mumbai – 400 014, Maharashtra, India. sbi.04114@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Agreement of hypothecation of goods and assets 2. Letter regarding the grant of individual limits within the overall limit (Collectively Constitute Single Charge)
Date of instrument Creating the charge	21.11.2008
Amount secured by the charge	Rs.120.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest – at SBAR at monthly rests Terms of Repayment - The borrower shall on demand pay the whole amount due to the Bank with interest and cost. Margin - 1. Raw Materials, Stock in process, Finished Goods – 30% 2. Book debts – 50% Extent and Operation of the charge - Security to cover principal amount together with interest, costs, charges and expenses etc. Others - Details of credit facilities as under: 1. Demand Cash Credit Rs.60.000 Millions DCC Book Debts (sub limit)Rs.30.000 Millions EPC (sub limit) Rs.5.000 Millions 2. Letter of credit Rs.30.000 Millions 3. Bank of Guarantee Rs.30.000 Millions Total Rs.120.000 Millions
Short particulars of the property charged	First and exclusive charge and security by way of hypothecation of present and future Stocks and Book Debts.

FIXED ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Office Appliance

· Canteen and Other Equipment

· 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.49.14
UK Pound	1	Rs.77.58
Euro	1	Rs.67.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		66

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.