MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	WELSET PLAST EXTURSIONS PRIVATE LIMITED
Registered Office :	8, Metalage Industrial Compound, Subhash Road, Jogeshwari (East), Mumbai – 400 060, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.07.1988
Com. Reg. No.:	11-048042
Capital Investment / Paid-up Capital :	Rs.21.300 Millions
CIN No.: [Company Identification No.]	U24134MH1988PTC048042
TAN No.: [Tax Deduction & Collection Account No.]	MUMW01069F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Plastic Products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 515000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB (Long term rating)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	December, 2011

Rating Agency Name	CRISIL
Rating	A4+ (Short term rating)
Rating Explanation	Having minimal degree of safety regarding timely payment of financial obligation, it carry very high credit.
Date	December, 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	8, Metalage Industrial Compound, Subhash Road, Jogeshwari (East), Mumbai – 400 060, Maharashtra, India
Tel. No.:	91-22-28215734/ 28387054
Fax No.:	91-22-28381083/ 28381088
E-Mail :	exports@welset.com info@welset.com arvindmehta@welset.com
Website :	http://www.welset.com
Area :	1000 sq. ft
Location :	Owned
Factory :	Located at: v Silvassa Indian Territory, Daman, India
Area :	30000 sq. ft
Location :	Owned
Overseas Office :	Located at: v USA
Tel. No.:	+1 - 978 264 0617, 978 406 7056
E-Mail :	venkat@welset.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Arvind Mathuradas Mehta

Designation :

Managing Director

Address :

5, Neetdeep 12, Bajaj Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

27.08.1945

Date of Appointment :

08.07.1988

DIN No.:

00141465

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24134MH1988PTC048042	WELSET PLAST EXTURSIONS PRIVATE LIMITED	Managing director	08/07/1988	08/07/1988	Active	NO
2	U25200MH2005PTC155350	WELSET MED PLAST PRIVATE LIMITED	Director	16/08/2005	16/08/2005	Active	NO
3	U85191MH2012NPL231214	SHRI MODH VANIK EDUCATION AND WELFARE FOUNDATION	Director	17/05/2012	17/05/2012	Active	NO

Name :

Ms. Indira Arvind Mehta

Designation :

Director

Address :

5, Neetdeep 12, Bajaj Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

19.04.1950

Date of Appointment :

08.07.1988

DIN No.:

00141569

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24134MH1988PTC048042	WELSET PLAST EXTURSIONS PRIVATE LIMITED	Director	08/07/1988	08/07/1988	Active	NO
2	U25200MH2005PTC155350	WELSET MED PLAST PRIVATE LIMITED	Director	16/08/2005	16/08/2005	Active	NO

Name :

Mr. Paresh Arvind Mehta

Designation :

Director

Address :

5, Neetdeep 12, Bajaj Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

20.06.1972

Date of Appointment :

07.03.1996

DIN No.:

00141586

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24134MH1988PTC048042	WELSET PLAST EXTURSIONS PRIVATE LIMITED	Director	07/03/1996	07/03/1996	Active	NO
2	U25200MH2005PTC155350	WELSET MED PLAST PRIVATE LIMITED	Director	16/08/2005	16/08/2005	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Arvind Mathuradas Mehta	71900
Indira Arvind Mehta	75800
Paresh Arvind Mehta	38200
Arvind Mathuradas Mehta (HUF)	21800
Nehal Paresh Mehta	3800
Tanisha Paresh Mehta	1500
Total	213000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Plastic Products.

Products :

Product Description	Item Code No.
PVC Compound	3904-21 and 3904-22
Plastic Extruded Tubes, Pipes, Hoses and sections/profiles	3917.00 and 3916.90
Master Batches	3206.90
ABS Coloured Materials	3903.30

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
PVC Compound	Kgs.	4462090
PVC Extruded Items	Kgs.	246819
Master Batches	Kgs.	8270941
Reprocessed Plastic Powder	Kgs.	--
TPE Compound	Kgs.	10139

.

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

v State Bank of India, Industrial Finance Branch, Telly Galli, Snehal Chambers, Andheri (East), Mumbai – 400 069, Maharashtra, India

v HDFC Bank, Jogeshwari (East), Mumbai, Maharashtra, India

v ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India Limited
Medium Term Loan	4.358	6.162
Cash Credit	114.403	108.421
Corporate Term Loan	0.000	4.952
Vehicle Loan
ICICI Bank Limited	0.769	1.503
HDFC Bank (Against hypothecation of Vehicles and guaranteed by the Directors of the Company in their personal capacity)	1.404	1.707
Total	120.934	122.745
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors Rs.22.419 Millions (Previous Year Rs.17.432 Millions)	12.472	22.419
From Others	32.108	23.086
Total	44.580	45.505

Banking Relations :	--
Auditors :
Name :	N.P. Patwa and Company Chartered Accountants
Address :	102, Sudaive, Hindu Colony Road 3, Dadar Central, Mumbai – 400 014, Maharashtra, India
Tel. No.:	91-22-24118146/ 24115870/ 24114590
E-Mail :	nppatwa@gmail.com
PAN No.:	AAGFN2813E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
499000	Equity Shares	Rs.100/- each	Rs.49.900 Millions
1000	13.5% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.0.100 Million
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
213000	Equity Shares (94000 Equity Shares of Rs.100/- each fully paid issued in terms of resolution passed at Extra Ordinary General Meeting held on 01.10.2008)	Rs.100/- each	Rs.21.300 Millions

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		21.300	21.300	21.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		107.365	100.361	86.169
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		128.665	121.661	107.469
LOAN FUNDS
1] Secured Loans		120.934	122.745	138.187
2] Unsecured Loans		44.580	45.505	15.310
TOTAL BORROWING		165.514	168.250	153.497
DEFERRED TAX LIABILITIES		13.072	9.370	8.295
TOTAL		307.251	299.281	269.261
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		108.190	102.369	96.662
Capital work-in-progress		1.053	0.000	0.000
INVESTMENT		0.019	0.019	0.019
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	178.330	149.267	129.523
	Sundry Debtors	135.792	136.269	99.614
	Cash & Bank Balances	18.411	10.560	9.344
	Other Current Assets	1.127	(1.038)	0.399
	Loans & Advances	27.926	28.202	24.652
Total Current Assets		361.586	323.260	263.532
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	122.168	102.031	62.309
	Other Current Liabilities	41.487	24.453	28.820
	Provisions	0.000	0.000	0.000
Total Current Liabilities		163.655	126.484	91.129
Net Current Assets		197.931	196.776	172.403
MISCELLANEOUS EXPENSES		0.058	0.117	0.177
TOTAL		307.251	299.281	269.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	743.658	630.374	567.758
		Other Income	35.868	13.553	24.668
		TOTAL	779.526	643.927	592.426
Less	EXPENSES
		Office Expenses	758.076	620.654	572.634
		Administrative Expenses
		Advertising Expenses
		TOTAL	758.076	620.654	572.634
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		21.450	23.273	19.792
Less/ Add	DEPRECIATION/ AMORTISATION		7.208	6.521	5.856
	PROFIT BEFORE TAX		14.242	16.752	13.936
Less	TAX		7.267	4.075	4.622
	PROFIT AFTER TAX		6.975	12.677	9.314
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		98.256	84.064	75.127
	BALANCE AVAILABLE FOR APPROPRIATION		105.231	96.741	84.441
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	21.635	17.395	19.598
	TOTAL EARNINGS		21.635	17.395	19.598
	IMPORTS
		Raw Materials	35.571	60.328	13.856
	TOTAL IMPORTS		35.571	60.328	13.856
	Earnings Per Share (Rs.)		32.74	59.51	43.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.89	1.96	1.57
Net Profit Margin (PBT/Sales)	(%)	1.92	2.65	2.45
Return on Total Assets (PBT/Total Assets}	(%)	3.03	3.93	3.87
Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.13
Debt Equity Ratio (Total Liability/Networth)		2.56	2.42	2.28
Current Ratio (Current Asset/Current Liability)		2.20	2.56	2.89

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

FINANCIAL RESULTS

In the current year, the Company has a turnover of Rs.743.658 Millions as against Rs.630.374 Millions in the previous year. The Net Profit after tax is Rs.6.975 Millions as against Rs.12.677 Millions in the previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR: (AS CERTIFIED BY THE MANAGEMENT)

Particulars	As on 31.03.2011 (Rs. In Millions)
Capital Commitment (net of Advances)	17.964
Letter of Credits (against FDR of Rs.6.750 Millions)	43.516
Bank Guarantees (against FDR of Rs.0.738 Million)	7.000
Bills Discounted (since realised)	7.056

FIXED ASSETS

v Air Conditioners

v Computers

v Dies and Tools

v Electrical Fittings

v Mobile Phones

v Office Equipments

v Plant and Machinery

v Vehicles

v Heavy Vehicles

v Furniture and Fixtures

v Building

v Fire Fighting Equipment

v Factory Utilities

v Laboratory Equipment

v Weighing Scales

v Freehold Land

WEBISTE DETAILS:

PROFILE:

Subject originated way back in late sixties as a manufacturer of PVC Compounds, Masterbatches and precolouring of CAB.

With a new vision, setting new business goals, the present company took shape in mid eighties.

Subject, is today one of the leading companies in the business of colouring and compounding solutions for plastics industry.

The Subject initiative of quality manufacturing has grown from 100 Sq.Ft. to 85,000 Sq.Ft. covering three modern manufacturing units at Silvassa, Western India.

With all the above growth and changes, what is constant is, the commitment to “Engineer in” quality in all walks of business which is amply started in their “Vision” and “Strategy” to achieve this vision.

Management

Steering, the company to its present shape and size, is its Chairman and Managing Director Mr. Arvind Mehta.  Mr. Mehta has been a pioneering stalwart in India’s Plastics revolution having played leadership role in various plastics associations and Trade bodies like:

President – Plastindia Foundation

President – All India Plastic Manufacturing Association (AIPMA)

President – Society of Plastics Engineers (SPE) Indian Section

Member – CII National Council

Co steering the company is Paresh Arvind Mehta, also a Director of Subject

Paresh A Mehta comes with his contagious youthful vibrancy and has successfully chartered the growth of the company in newer areas of business. His inherent quality approach made WELSET responsible for consistently delivering quality products and services to customer’s satisfaction. Under him the company has made significant investments in R and D activities so as to substantiate the motto ‘Innovation in Compounding’.

Subject management is backed by a highly qualified and dedicated professional and technical team in running its business, operations and innovation centres.

Corporate Milestones

1968

Welset Extrusion was started as a partnership firm in Mumbai manufacturing PVC Compounds and Masterbatches and pre-colouring of CAB.

1987

Subject was formed.

1999

Established manufacturing operations at Silvassa with an installed capacity of 960 MTPA Masterbatches and 1800 MTPA of PVC Compounds.

2001

Doubled production capacity of Masterbatches to 2000 MTPA.

2004

Commissioned world class, state-of-the-art fully automated plant for manufacture of Medical grade PVC Compounds with the capacity of 7500 MTPA.

2005

Commenced production of Filler Masterbatches, installed of capacity 3600 MTPA and increased production of Masterbatches to 4000 MTPA.

2006

Increased production capacity of PVC Compounds to 13000 MTPA and Masterbatches to 20000 MTPA

2007

Recognized by the Government of India as an approved ‘Export House’.

2008

Set up of a new state-of-the-art R&D Centre.

2009

Established an overseas office in USA to support the North and South American Markets.

2009

Lauched ‘UV Life’ masterbatches in strategic alliance with 3V Sigma, Italy

2010

Strategic Alliances:

v UV MBs with 3V Sigma, Italy

v Black Masterbatches with Modern Dispersions Inc.(MDI) – USA

v Specialty Masterbatches with Chroma Corporation – USA

v High End Filler MBs with Heritage Plastics, Inc., - USA

Manufacturing Infrastructure

Subject has three manufacturing facilities in Silvassa, 200 kms north of Mumbai. With a high level of efficiency in operations, a combined capacity to produce over 40000 metric tonnes per annum and a variety of compounding capabilities, Subject is equipped to handle bulk orders as well as small orders up to 25 kg with aplomb. Investment in technology is an ongoing activity at Subject to manufacture products to exacting standards, have efficient manufacturing processes and adhere to challenging timelines of delivery.

Masterbatch Facility

This facility houses seven compounding lines with an annual capacity of 9000 MT.  It consists of Banbury type mixers, high intensity mixers, single screw extruders, twin screw extruders and more.  It has the capability to produce concentrates with different pellet shapes and sizes.

PVC Compounding Facility

This is a one of its kind state-of-the-art manufacturing site in Asia with installed capacity of 15000 MT of PVC compounds.  Subject has consistently been the largest manufacturer of medical grade compounds in India. The stringent quality standards adapted to adhere to demanding regulatory needs across the globe and the unrelenting commitment to customer satisfaction resulted in ISO-9001: 2008 certification. Subject is one of the few compounders in Asia to invest in clean room compounding with Class 100000 environment. The facility consists of nine compounding lines which comprise of Buss-Ko Kneader, single and twin screw extruders and more.

v PVC Tubing and Sheeting Facility : This facility is also equipped to produce tubing and sheeting with an installed capacity of 1000 MT per annum with four tubing extruders and two sheet extruders.

v Elastomer Compounds Range: Range of Thermoplastic Elastomers (TPEs). Thermoplastic Rubbers (TPRs) and Thermoplastic Olefins (TPOs) are also made at the above facility.

Compounding Facility

This facility is tailored to produce high volume compounds and concentrates and has two mega compounding lines with 14000 MT per annum capacity. It consists of the banbury type mixer and twin screw extruders. The company is specialised in manufacturing calcium carbonate, talc and other mineral based concentrates and has the capability to produce concentrates with mineral loadings up to 80% and moisture levels below 750 ppm. It is well equipped for toll compounding of various materials.

Anti-fibrillation, Filler Master Batches, and Additive Master Batches Facility

This facility has two mega compounding lines with 14000 MT per annum capacity. It consists of the Banbury type mixer and twin screw extruders. The company is specialised in manufacturing calcium carbonate, talc and other mineral based concentrates and has the capability to produce concentrates with mineral loadings up to 80% and moisture levels below 750 ppm. It is well equipped for toll compounding of various materials.

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.55.42
UK Pound	1	Rs.86.77
Euro	1	Rs.68.03

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.