MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	COMMANDER WATERTECH PRIVATE LIMITED (w.e.f. 26.09.2005)
Formerly Known As :	PHENOWELD POLYMER PRIVATE LIMITED
Registered Office :	2^nd Floor, Joshi Building, Sakivihar Road, Sakinaka, Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.07.1971
Com. Reg. No.:	11-015206
Capital Investment / Paid-up Capital :	Rs.6.580 Millions
CIN No.: [Company Identification No.]	U24134MH1971PTC015206
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Sanitary Ware.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 197000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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.

INFORMATION DECLINED BY

Name :	Mr. John
Designation :	Finance Head
Contact No.:	91-22-28574505
Date :	13.02.2012

LOCATIONS

Registered Office/ Head Office/ Warehouse :	2^nd Floor, Joshi Building, Sakivihar Road, Sakinaka, Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-28571099/ 66688103/ 28574505/ 66947859/ 66949758/ 28570194
Mobile No.:	91-9987771028 (Mr. John)
Fax No.:	91-22-28570234
E-Mail :	legal@commanderwatertech.com mumbai@commanderwatertech.com sankalp@commanderwatertech.com sales@commanderwatertech.com
Website :	http://www.commanderwatertech.com
Area :	3000 Sq ft
Location :	Leased
Factory :	Mohamod Ali Compound, Malvani, Malad West, Mumbai, Maharashtra, India
Area :	2000 Sq ft
Location :	Rented
Branch Office :	Located at: v Ahmedabad v Bangalore v Chennai v Ernakulam v Kolkata v Delhi v Lucknow v Jaipur v Pune v Secunderabad

DIRECTORS

As on 20.09.2011

Name :

Mr. Adhar Sahijram Mirchandani

Designation :

Chairman

Address :

A/9, Beach House Park, Gandhigram Road, Juhu, Mumbai – 400 049, Maharashtra, India.

Date of Birth/Age :

16.05.1936

Date of Appointment :

03.07.1971

DIN No.:

00871111

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	U24134MH1971PTC015206	Commander Watertech Private Limited	Director	03-07-71	03-07-71	-	Active	NO
2	U25200MH1982PTC027341	Koregaon Polymer Private Limited	Director	07-06-82	07-06-82	29-09-09	Strike off	NO
3	U74900PN2011PTC139362	Designatwork Technologies Private Limited	Director	28-04-11	28-04-11	-	Active	NO

Name :

Mrs. Chhanda Bihari

Designation :

Managing Director

Address :

F-221, Geetanjali, Seven Bunglows, Versova, Mumbai – 400 061, Maharashtra, India.

Date of Birth/Age :

06.03.1957

Date of Appointment :

30.06.2007

DIN No.:

01752573

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	U24134MH1971PTC015206	Commander Watertech Private Limited	Director	30-06-07	30-06-07	Active	NO
2	U36100MH1996PTC100073	Estee Home Furnishing Industries Private Limited	Director	19-09-11	12-01-11	Active	NO

Name :

Mr. Balwant Prabhakar Vichare

Designation :

Director

Address :

C/ 503, Shivom Complex, Nahar Amrit Shakti Road, Chandivali, Mumbai - 400 072, Maharashtra, India.

Date of Birth/Age :

09.09.1974

Date of Appointment :

30.06.2007

DIN No.:

01752537

Name :

Mr. Bhaskar Gopaldas Parikh

Designation :

Director

Address :

Zandu Pharma Works Limited, 70, Gokhale Road, South Dadar, Mumbai - 400 025, Maharashtra, India.

Date of Birth/Age :

13.09.1948

Date of Appointment :

29.09.2009

DIN No.:

00663434

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	U74300MH1981PTC024321	Shri Admor Private Limited	Director	28-04-81	28-04-81	Active	NO
2	U65990MH1988PTC049862	Nova Tradex Private Limited	Director	21-11-89	21-11-89	Active	NO
3	U24134MH1971PTC015206	Commander Watertech Private Limited	Director	11-08-10	29-09-09	Active	NO
4	U25200MH1982PTC027341	Koregaon Polymer Private Limited	Director	29-09-09	29-09-09	Strike off	NO
5	U36100MH1996PTC100073	ESTEE HOME FURNISHING INDUSTRIES PRIVATE LIMITED	Director	19-09-11	12-01-11	Active	NO

Name :

Mrs. Neeta Bhaskar Parikh

Designation :

Director

Address :

Zandu Pharmacy, Gokhale Road (South), Mumbai - 400 025, Maharashtra, India

Date of Birth/Age :

02.06.1958

Date of Appointment :

29.09.2009

DIN No.:

01010797

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	U74300MH1981PTC024321	Shri Admor Private Limited	Director	28-04-81	28-04-81	-	Active	NO
2	U65990MH1988PTC049862	Nova Tradex Private Limited	Director	21-11-89	21-11-89	-	Active	NO
3	U74300MH1990PTC054901	Nova Advertising Palace Private Limited	Director	01-06-91	01-06-91	03-03-09	Strike off	NO
4	U25200MH1982PTC027341	Koregaon Polymer Private Limited	Director	29-09-09	29-09-09	-	Strike off	NO
5	U24134MH1971PTC015206	Commander Watertech Private Limited	Director	29-09-09	29-09-09	-	Active	NO

Name :

Mr. Dhiren Shevantilal Shah

Designation :

Director

Address :

Prabhu Kunj, 5, Pedder Road, Cumbala Hill, Post Office, Gamdevi Police Station, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

29.04.1956

Date of Appointment :

29.09.2009

DIN No.:

01149436

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	U45200MH1991PTC060320	Moneybee Commodities Private Limited	Managing director	15-02-91	15-02-91	Active	NO
2	U65590MH1991PTC060326	Moneybee Securities Private Limited	Managing director	15-02-91	15-02-91	Active	NO
3	U67120MH1995PTC086171	Aarayaa Advisory Services Private Limited	Director	08-03-95	08-03-95	Active	NO
4	U70102MH2007PTC170019	Moneybee Realty Private Limited	Managing director	17-04-07	17-04-07	Active	NO
5	L25199KL1993PLC007018	Rubfila International Limited	Director	23-09-09	28-01-09	Active	NO
6	U24134MH1971PTC015206	Commander Watertech Private Limited	Director	29-09-09	29-09-09	Active	NO
7	U74999MH2010PTC209834	Captree Equity Advisors Private Limited	Director	04-11-10	04-11-10	Active	NO
8	U36939TZ2011PLC016911	Tee Ventures (India) Limited	Director	29-03-11	29-03-11	Active	NO
9	U24100MH1991PLC060748	ZCL Chemicals Limited	Director appointed in casual vacancy	05-09-11	05-09-11	Active	NO

Name :

Mr. Munubhai Kalidas Parekh

Designation :

Director

Address :

10, Kailash Prakash, R.N.N. Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

03.01.1946

Date of Appointment :

29.09.2009

DIN No.:

00068992

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	U67190MH2000PLC123707	Ise Securities and Services Limited	Director	04-09-09	21-10-08	Active	NO
2	U24134MH1971PTC015206	Commander Watertech Private Limited	Director	29-09-09	29-09-09	Active	NO
3	L27200MH1960PLC011794	Indian Bright Steel Company Limited	Director	19-09-11	31-05-11	Active	NO
4	U72900MH2002PTC134941	Aurum Ventures Private Limited	Director	30-09-11	09-07-11	Active	NO
5	U29290MH1986PTC040834	Pakona Engineers (India) Private Limited	Director	17-10-11	17-10-11	Active	NO

Name :

Mr. Jimmy Bhaskar Parikh

Designation :

Director

Address :

1301/994, Atlanta Height, Kaka Sahiba Gadgil Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

05.09.1979

Date of Appointment :

28.09.2010

DIN No.:

02411099

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	U65990MH1988PTC049862	Nova Tradex Private Limited	Director	01-12-08	01-12-08	Active	NO
2	U74300MH1981PTC024321	Shri Admor Private Limited	Director	01-12-08	01-12-08	Active	NO
3	U24134MH1971PTC015206	Commander Watertech Private Limited	Director	28-09-10	06-09-10	Active	NO
4	U36100MH1996PTC100073	Estee Home Furnishing Industries Private Limited	Additional director	17-11-11	17-11-11	Active	NO

KEY EXECUTIVES

Name :	Mr. John
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Equity Shares
Nova Tradex Private Limited, India	57000
Adhar S. Mirchandani	3000
Chhanda Bhihari	3000
Balwant P. Vichare	100
Manubhai K. Parikh	100
Dhiren Shevantilal Shah	100
Janny K. Shah	1200
Janny K. Shah and Neeta Parikh	1300
Total	65800

As on 20.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	86.62
Directors or relatives of directors	13.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Sanitary Ware.

Products:

Product Description	ITC Code
Sanitary Water	3922

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

v Bank of India, Andheri Kurla Branch, Andheri, Mumbai, Maharashtra, India

v Bank of India, Saki Naka Branch, Sagar Tech Plaza, Andheri Kurla Road, Sakinaka, Andhiri (East), Mumbai – 400 072, Maharashtra, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v The Shamrao Vithal Co-Operative Bank Limited, Cuffe Parade, Mumbai - 400 005, Maharashtra, India.

Facilities :

Secured Loans	31.03.2011 (Rs in Millions)	31.03.2010 (Rs in Millions)
Working Capital:
HDFC Bank Mumbai (Secured by hypothecation of Raw-Material, Stock in Trade, Finished Goods, Stores and Spares, Book Debts)	25.639	0.000
HDFC – T/ Loan A/c (Secured by Mortgage of Plant and Machinery and Mould)	31.274	0.000
Bank of India - Sakinaka Branch T/ Loan A/c (Secured by Recurring Deposit with Bank)	3.048	0.000
Bank of India - Sakinaka Branch CC A/c	0.000	5.526
Total	59.961	5.526
Unsecured Loans	31.03.2011 (Rs in Millions)	31.03.2010 (Rs in Millions)
Loan from Directors/ Relatives	27.035	0.000
Security Deposits from Customers	4.084	2.727
Loan from Others	1.601	5.989
Total	32.720	8.716

Banking Relations :	Satisfactory
Auditors :
Name :	B.B. Mody and Company Chartered Accountants
Address :	3/102, J.P. Road, New Bharda Wadi, Opposite YMCA, Andheri (West), Mumbai - 400 058, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABPM8507D
Holding Company:	Nova Tradex Private Limited Address: 1301, Atlanta Height, Kaka Sahib Gadgil Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India CIN No.: U65990MH1988PTC049862
Subsidiaries :	Estee Home Furnishing Industries Private Limited CIN No.: U36100MH1996PTC100073

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
95000	Equity Shares	Rs.100/- each	Rs.9.500 Millions
5000	10% Preference Shares	Rs.100/- each	Rs.0.500 Million
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65800	Equity Shares	Rs.100/- each	Rs.6.580 Millions

Allotted during the year:

2500 Equity Shares allotted fully paid up shares received in consideration other than cash

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		6.580	6.330	6.830
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		42.776	29.856	19.128
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.356	36.186	25.958
LOAN FUNDS
1] Secured Loans		59.961	5.526	7.233
2] Unsecured Loans		32.720	8.716	18.354
TOTAL BORROWING		92.681	14.242	25.587
DEFERRED TAX LIABILITIES		2.148	0.000	0.000
TOTAL		144.185	50.428	51.545
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102.713	25.647	22.847
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		22.074	0.071	0.198
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.784	24.685	19.050
	Sundry Debtors	19.058	23.705	32.884
	Cash & Bank Balances	13.986	8.204	9.526
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.609	11.000	3.914
Total Current Assets		90.437	67.594	65.374
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.173	26.110	25.415
	Other Current Liabilities	6.466	6.674	7.659
	Provisions	12.400	10.100	3.800
Total Current Liabilities		71.039	42.884	36.874
Net Current Assets		19.398	24.710	28.500
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		144.185	50.428	51.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	219.909 (Gross Turnover)	204.455	218.177 (Gross Turnover)
		Other Income	NA		NA
		TOTAL	NA	204.455	NA
Less	EXPENSES
		Office Expenses	NA	184.813	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	184.813	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		17.284	19.642	9.865
Less/ Add	DEPRECIATION/ AMORTISATION		4.667	2.614	3.368
	PROFIT BEFORE TAX		12.617	17.028	6.497
Less	TAX		4.447	6.300	3.815
	PROFIT AFTER TAX		8.170	10.728	2.682
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.156	11.428	8.746
	BALANCE CARRIED TO THE B/S		30.326	22.156	11.428
	Earnings Per Share (Rs.)		191.75	269.01	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	5.25	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.53	18.26	7.36
Return on Investment (ROI) (PBT/Networth)		0.26	0.47	0.25
Debt Equity Ratio (Total Liability/Networth)		3.32	1.58	2.41
Current Ratio (Current Asset/Current Liability)		1.27	1.58	1.77

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	52.173	26.110	25.415

SALE:

The Gross Turnover for the year was Rs.219.909 Millions as compared to Rs.220.072 Millions in the last year.

PRODUCTION:

Production levels have been maintained satisfactorily to build inventory of saleable products and in line with the increasing sales. The Management has been making constant efforts to improve margins by increasing efficiency in operations and production.

FORM 8:

Corporate identity number of the company	U24134MH1971PTC015206
Name of the company	PHENOWELD POLYMER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Joshi Building, Sakivihar Road, Sakinaka, Mumbai – 400 072, Maharashtra, India E-Mail: legal@commanderwatertech.com
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10245243
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds
Date of instrument Creating the charge	06.10.2010
Amount secured by the charge	Rs.95.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank form time to time Terms of Repayment Working Capital facility shall payable on Demand and Term Loan facility shall repayable in suitable installments. Margin As may be stipulated by the Bank form time to time. Extent and Operation of the charge The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated as security for the due repayment of Rs.95.000 Millions by the company, including principal amount of the Facility, Interest, Liquidated damages, Costs, and expenses etc.
Short particulars of the property charged	Immovable properties situated at Gat No. 3405, Hissa No.2, Talegaon Dhamdhere, Taluka Shirur, District Pune. Immovable Properties situated at Shop No.11-B, 12, 12/A on First Floor and Shop No.12, 12/A, 14 and 15 on Ground Floor, Orchid Shopping Mall
Particulars of the present modification	This present modification s for furnishing additional security of immovable property of the company situated at Pune and Ahmedabad, in addition to securities already furnished by the company at the time of creation of the charge and, there is, therefore no change in amount of charge which stands secured at Rs.95.000 Millions in favour of the bank.

FIXED ASSETS

v Land at Pune (Talegaon)

v Plant and Machinery

v Moulds

v Computers

v Premises

v Furniture and Fixtures

v Electrical Fittings

v Office Equipments

v Air Conditioner

v 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] 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.49.32
UK Pound	1	Rs.77.84
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.