MIRA INFORM REPORT

Report Date :

04.06.2012

IDENTIFICATION DETAILS

Name :	STRUCTURAL WATER PROOFING COMPANY PRIVATE LIMITED
Registered Office :	38/1, Block-GN, Sector IV, V, Salt Lake City, Kolkata – 700 091, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.03.1950
Com. Reg. No.:	21-18695
Capital Investment / Paid-up Capital :	Rs.35.565 Millions
CIN No.: [Company Identification No.]	U36992WB1950PTC018695
TAN No.: [Tax Deduction & Collection Account No.]	DELS06072D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of all kinds of Construction Chemical like Waterproofing, Epoxies, Plasticizers, Roof Waterproofing, Flooring etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 540000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered/ Corporate Office :	38/1, Block – GN, Sector IV V, Salt Lake City, Kolkata 700 091, West Bengal, India
Tel. No.:	91-33-23573546 / 23573547 / 23573548 / 23574981 / 82 / 23574798 / 40102700
Fax No.:	91-33-23573881
E-Mail :	swccalcutta@satyam.net.in
Website :	www.swcpl.com
Area :	2200 Sq. ft.
Location :	Leased
Factory 1 :	Plot No. 1401/1, 3^rd Phase, GIDC, Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-2433928/ 2420673
Fax No.:	91-260-2433928/ 2400828
Factory 2 :	8/1, Sevak Vaidya Street, Kolkata – 700019, West Bengal, India
Area :	2200 sq. ft.
Location :	Leased
Branches :	· B – 29, Sector – IV, District Ghaziabad, Gautam Buddha Nagar, Noida, Uttar Pradesh – 201301, India Location : Leased · C-1-6124/6125, 4^th Phase, G.I.D.C., Vapi- 396195, Gujarat, India Location : Leased · G-6, Brown Nest Apartment, No. 73, 2^nd Main Road, Gandhi Nagar, Adyar, Chennai – 600020, Tamilnadu, India · Mumbai 54, 56, Mahavir Centre, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra, India. Tel. 91-22-27893601 Fax. 91-22-27893571 E-Mail: swcmumbai@sify.com swcbom@bom5.vsnl.net.in · Delhi 406, Deepali, 92, Nehru Place, New Delhi – 110 019, India. Tel. 91-11-26435432 / 26445680 Fax. 91-11-26221055 / 26416861 E-Mail: swcdelhi@satyam.net.in H-19/B, Sector -9, Noida – 201 301, Uttar Pradesh Tel No.: 91-120-4763200 Fax No.: 91-120-4763222 E-Mail: swcdelhi@satyam.net.in · Chennai No.2, Sardar Patel Road, Gokul Arcade, 5^th Floor, Adyar, Chennai – 600 020, India. Tel No: 91-44-2442371 Fax No: 91-44-244422476 E-Mail: 12345@yahoo.co.in A-39, SIDCO Industrial Estate, Pattarvakkam, Ambattur, Chennai – 600 098,. Tamil Nadu Tel No.: 91-44-26248757/43111443 Fax No.: 91-44-26247901 E-Mal: swcchn123@yahoo.co.in
Business Centre :	Jamshedpur Mr. U.C. Karan, C/O: Dr. Anand Prabhakaran, 112, K.D. Flats C.H. Area, Jamshedpur – 831 001. Mobile No: 91-943134884

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Berge Charlespierre Eric
Designation :	Director
Address :	6 Rue Desgate Ceps Saint Cloud France 92210
Date of Birth/Age :	28.06.1967
Date of Appointment :	20.12.2006
DIN No :	01422982

Other Directorship:

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Bottom of Form

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	U36992WB1950PTC018695	STRUCTURAL WATER PROOFING CO PVT LTD	Director	20/12/2006	20/12/2006	-	Active	NO

Name :	Mr. Lubbertus Pieter Dijkema
Designation :	Director
Address :	263 Bd Jean Jaures Boulogne Billan Court France 92100
Date of Birth/Age :	22.05.1958
Date of Appointment :	20.12.2006
DIN No :	01186155

Other Directorship:

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Bottom of Form

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	U33125WB1988PTC044846	SWC ENGINEERING SERVICES PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
2	U36992WB1950PTC018695	STRUCTURAL WATER PROOFING CO PVT LTD	Director	20/12/2006	20/12/2006	-	Active	NO

Name :	Mr. Catherine Marie Hubertine Mathieu
Designation :	Director
Address :	IO Rue Claude Bernard, Paris – 75005 France
Date of Birth/Age :	02.11.1968
Date of Appointment :	12.12.2007
DIN No :	01950232

Other Directorship:

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Bottom of Form

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	U36992WB1950PTC018695	STRUCTURAL WATER PROOFING CO PVT LTD	Director	12/12/2007	12/12/2007	-	Active	NO

Name :	Mr. Lesure Fabienne Nathalie Conus
Designation :	Director
Address :	15, Pue Anatole Chatou, France-78400
Date of Birth/Age :	17.03.1967
Date of Appointment :	18.09.2008
DIN No :	02646715

Other Directorship:

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Bottom of Form

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	U36992WB1950PTC018695	STRUCTURAL WATER PROOFING CO PVT LTD	Director	17/09/2009	18/09/2008	-	Active	NO

Name :	Mr. Francois Nguyen
Designation :	Managing Director
Address :	4955, EL Arcengel, Vitacura, Santiago, Chile-7630424
Date of Birth/Age :	08.01.1963
Date of Appointment :	25.09.2010
DIN No :	03075272

Other Directorship:

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Bottom of Form

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	U36992WB1950PTC018695	STRUCTURAL WATER PROOFING CO PVT LTD	Managing director	25/09/2010	14/06/2010	-	Active	NO
2	U33125WB1988PTC044846	SWC ENGINEERING SERVICES PRIVATE LIMITED	Director	25/09/2010	12/07/2010	-	Active	NO

Name :	Mr. Rajan Mukherjee
Designation :	Director
Address :	166, G. T. Road 15, Uttarpara Hooghly-712258, West Bengal, India
Date of Birth/Age :	29.01.1954
Date of Appointment :	10.11.2009
DIN No :	02555687

Other Directorship:

Top of Form

Bottom of Form

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	U33125WB1988PTC044846	SWC ENGINEERING SERVICES PRIVATE LIMITED	Director	17/09/2009	21/01/2009	-	Active	NO
2	U36992WB1950PTC018695	STRUCTURAL WATER PROOFING CO PVT LTD	Director	07/05/2010	10/11/2009	-	Active	NO

Name :	Mr. Thierry Pierre Bernard
Designation :	Additional Director
Address :	55 RUE Cortambert Paris 75116
Date of Birth/Age :	24.05.1968
Date of Appointment :	23.01.2012
DIN No :	05180554
Email :	Thierry.bernard@chryso.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Chryso Sas, France	355629
Nguyen Franoois	25
Total	355654

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of all kinds of Construction Chemical like Waterproofing, Epoxies, Plasticisisers, Roof Waterproofing, Flooring etc.

Products :

Product Description	Item Code No
Struco-N/Supaplast	3824.9

· Cement and Concrete Waterproofers

· Concrete and Mortar Admixtures

· Concrete AIDS

· Protective Coatings, Membranes and Impregnation

· Grouts and Groutings Additives

· Floorings

· Tunneling and Shotcrete Products

· Sealants

· Tile Adhesives

· Repairing Compounds

· Cement AIDS

Brand Names :

"CICO"

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working Capital Advance from HDFC Bank Limited
(a) Term Loan in URO currency—Rs.48.092 millions Interest and Charges for above –Rs.2.446 millions		50.538
(b) Cash credit Account	47.594	19.595
Term Loan facility is secured by hypothecation by way of first and exclusive charge on all present and future current assets inclusive of all stocks and book debts and equitable mortgage of the properties. Additionally, comfort letter has been provided by the Holding Company, Chryso, SAS.
Total	47.594	70.133

Banking Relations :	--
Auditors :
Name :	A. R. Das Chartered Accountants
Address :	JDS House, 2^nd Floor, plot – D 2/1, Block – EP, Sector V, salt Lake Electronic Complex, Kolkata – 700 0941, West Bengal, India
Tel. No.:	91-33-22812976
Email :	ardsys2002@rediffmail.com
PAN No.:	ACOPD2929H
Holding Company :	Chryso SAS, France
Subsidiaries :	SWC Engineering Services Private Limited CIN No : U33125WB1988PTC044846

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
355654	Equity Shares	Rs.100/- each	Rs.35.565 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		35.565	35.565	35.565
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		98.581	84.476	69.917
4] (Accumulated Losses)		0.000	0.000	(16.862)
NETWORTH		134.146	120.041	88.620
LOAN FUNDS
1] Secured Loans		47.594	70.133	74.138
2] Unsecured Loans		0.000	0.000	1.090
TOTAL BORROWING		47.594	70.133	75.228
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		181.740	190.174	163.848
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.016	35.727	35.662
Capital work-in-progress		19.711	3.555	0.000
INVESTMENT		0.000	0.000	1.314
DEFERREX TAX ASSETS		11.136	13.196	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	130.337	80.589	69.357
	Sundry Debtors	317.777	251.338	208.011
	Cash & Bank Balances	43.897	25.507	23.506
	Other Current Assets	0.178	0.176	1.075
	Loans & Advances	40.996	31.383	51.326
Total Current Assets		533.185	388.993	353.275
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	415.157	228.364	197.785
	Other Current Liabilities		18.237	25.564
	Provisions	11.151	4.696	3.054
Total Current Liabilities		426.308	251.297	226.403
Net Current Assets		106.877	137.696	126.872
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		181.740	190.174	163.848

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	831.771	645.893	681.271
		Other Income	22.588	22.664	6.553
		TOTAL (A)	854.359	668.557	687.824
Less	EXPENSES
		TOTAL (B)	813.156	632.929	687.019
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.203	35.628	0.805
Less	FINANCIAL EXPENSES (D)		11.591	10.326	12.845
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.612	25.302	(12.040)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.745	7.077	6.911
	PROFIT BEFORE TAX (E-F) (G)		21.867	18.225	(18.951)
Less	TAX (H)		7.761	(13.196)	(5.250)
	PROFIT AFTER TAX (G-H) (I)		14.106	31.421	(13.701)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(32.891)	(64.312)	(50.611)
	BALANCE CARRIED TO THE B/S		(18.785)	(32.891)	(64.312)
	EARNINGS IN FOREIGN CURRENCY		1.457	NA	NA
	Earnings Per Share (Rs.)		39.66	88.35	(56.94)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.65	4.70	(1.99)
Net Profit Margin (PBT/Sales)	(%)	2.63	2.82	(2.78)
Return on Total Assets (PBT/Total Assets}	(%)	3.79	4.16	(4.87)
Return on Investment (ROI) (PBT/Networth)		0.16	0.15	(0.21)
Debt Equity Ratio (Total Liability/Networth)		3.53	2.68	3.40
Current Ratio (Current Asset/Current Liability)		1.25	1.55	1.56

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	No
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	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	--
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

change of address:-

The Registered office of the company has been shifted from “CICO House, 21/1, Dover Road, Kolkata – 700 019, West Bengal, India” to present w.e.f. 01.12.2006.

OPERATIONS

The Directors report that the company achieved a 24.80 positive growth in terms of gross turnover; the gross turnover was Rs 928.200 millions in the financial year which was 698.000 Millions in the previous year

A strategy to focus on marketing of core business of concrete admixtures, concrete aids and cement grinding aid backed by R and D and technical service. The Company had achieved a net profit of Rs.21.867 Millions before tax.

To service the growth, the manufacturing facilities were significantly upgraded in Kolkata unit at Salt Lake, Vapi and Noida. The upgradation of facilities caused doubling of production with much better control over RM dispensing, Large contribution to better HSE practices, less danger due to spillage, better house keeping etc.

Safety and concern for the environment are the guiding principles for development of the manufacturing facilities. In all units across pan India the safety and environment measures are pursued in tune of the global standard of their parent organization.

Procurement and supply chain economies are an essential driver of profitability. The international procurement processes of CHRYSO were integrated in all zones to give a competitive lead in servicing customers in India.

FUTURE PROSPECTS

Marketing plans have been made for each business unit to achi8ve the five year business plans set out in early 2011. The group expert from abroad regularly visiting India to conduct seminars for major customers. This is being followed up by technology transfer visits.

Considering the growth and future prospect of the business the company has initiated the process of setting up additional production unit in North India and In East.

FORM 8

Corporate identity number of the company	U36992WB1950PTC018695
Name of the company	STRUCTURAL WATERPROOFING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot 38/1, Block – GN, Sector IV V, Salt Lake City, Kolkata 700091, West Bengal, India swccalcutta@satyam.net.in
This form is for	Modification of charge
Charge identification number of the modified	10105823
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel [West], Mumbai 400013, 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	10.03.2010
Amount secured by the charge	Rs.201.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment On Demand Margin As may be stipulated by the bank from time to time. Extent and operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as mentioned under Item No.15 below, as security for repayment of Rs.201.000 millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	1. Immovable properties lying and situated at 140/1, Vapi, Valsad 2. Immovable properties lying and situated at B-29, Noida. 3. Immovable properties lying and situated at 54, Plot No.77, Vasai
Date of instrument modifying the charge	07.06.2008
Particulars of the present modification	The equitable mortgage/charge now stands increased from Rs.165.000 millions to Rs.201.000 millions (Comprising : Cash Credit of Rs.120.000 millions, FCNR (Sub limit of CC of Rs.69.500 millions), Letter of Credit of Rs.40.000 millions, Bank Guarantee of Rs.35.000 millions, PSR- FX of Rs.6.000 millions), in favour the Bank

fixed assets:-

· Land - Freehold

· Land - Leasehold

· Buildings

· Plant and Machinery

· Furniture and Fittings

· 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.55.91
UK Pound	1	Rs.86.03
Euro	1	Rs.69.12

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.