MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	DOW CHEMICALS INTERNATIONAL PRIVATE LIMITED (w.e.f. 13.02.1998)
Formerly Known As :	DOW (INDIA) SYSTEMS PRIVATE LIMITED
Registered Office :	1^ST Floor, Block B, Godrej IT Park, 02, Godrej, Business Dist, Pirojshanagar, Vikroli (W) Mumbai – 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.02.1998
Com. Reg. No.:	11-113551
Capital Investment / Paid-up Capital :	Rs. 27.614 Millions
CIN No.: [Company Identification No.]	U24239MH1998PTC113551
TAN No.: [Tax Deduction & Collection Account No.]	MUMD10067B
PAN No.: [Permanent Account No.]	AAACD4467B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Chemicals (Solid, Liquid and Gaseous), Chemical Compound and Chemical Products.
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 13500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial Position of the company is good. 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.

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office :	1^ST Floor, Block B, Godrej IT Park, 02, Godrej, Business Dist, Pirojshanagar, Vikroli (W) Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-67832300
Fax No.:	91-22-26524217
E-Mail :	infoindia@dow.com
Website :	www.dow.com
Corporate Office:	G-Block, C/62, 2^nd Floor, Vibgyor Towers, Bandra Kurla Complex, Bandra (E), Mumbai – 400051, Maharasahtra, India
Tel. No.:	91-22-67832300
Fax No.:	91-22-26525691
Business Process Services Center :	C/O Tata Consultancy Services Ltd., Kensington B Wing, 13th Floor, Phase III, Hiranandani Business Park, SEZ, Powai, Mumbai 400 076, Maharasahtra, India.
Tel. No. :	91-22-67323000
Fax No.:	91-22-67327362
Commercial Office:	HCC 247 Park, 2nd Floor, Tower B (Hincon House), LBS Road, Vikhroli West, Mumbai  400 083, Maharasahtra, India
Tel. No. :	91-22-66028888
Fax No.:	91-22-66028868
P U System House :	Plot No.8-A/1/2, Thane Belapur Road, Kalwa Block, Turbhe, Navi Mumbai – 400703, Maharashtra, India
Tel. No. :	91-22-67934900
Fax No.:	91-22-27602532
Dow Advanced Materials – Manufacturing:	Plot No. T-22/PT, MIDC, Taloja Industrial Area, Raigad District, Taloja 410 208, Maharashtra, India.
Tel. No. :	91-22-67315555
Fax No.:	91-22-67315569
Corporate Office:	Unit No. 9, 1st Floor, Sakhi House, Corporate Park, V. N. Purav Marg, Chembur, Mumbai 400 071, Maharasahtra, India.
Tel. No.:	91-22-67985700
Fax No.:	91-22-67985739
Website :	www.dowagro.com/india/

DIRECTORS

As on 20.09.2011

Name :

Mr. Harish Badami

Designation :

Managing Director

Address :

1602, 16^th Floor, Hiranandani Gardens, Powai, Mumbai – 400076, Maharasahtra, India

Date of Birth/Age :

18.02.1962

Date of Appointment :

01.01.2010

DIN No.:

02298385

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	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	5/9/2000	5/9/2000	30/09/2011	Active	NO
2	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Managing director	1/1/2010	1/1/2010	30/09/2011	Active	NO
3	U41000AP2005PTC072437	WATERHEALTH INDIA PRIVATE LIMITED	Director	31/08/2010	4/1/2010	1/10/2011	Active	NO
4	U24100GJ2008PLC054348	DOW-GACL SOLVENTURE LIMITED	Nominee director	5/4/2010	5/4/2010	1/10/2011	Under Process of Striking off	NO
5	U24233MH2010PTC201758	Styron India Trading Private Limited	Director	6/4/2010	6/4/2010	17/06/2010	Active	NO
6	U11100MH2008PTC185467	K-DOW PETROCHEMICALS PRIVATE LIMITED	Additional director	18/08/2010	18/08/2010	-	Strike off	NO
7	U51900MH2007PTC171493	CELANESE CHEMICALS INDIA PRIVATE LIMITED	Managing director	30/01/2012	15/12/2011	-	Active	NO

Name :

Mrs. Ramolla T. Karnani

Designation :

Director

Address :

701 – 702, Anant Basera, S S Patkar Mahavidhyalaya Marg, Off S V Road, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

11.08.1959

Date of Appointment :

29.07.2004

DIN No.:

00174531

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	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Director	29/07/2004	29/07/2004	-	Active	NO
2	U11100MH2008PTC185467	K-DOW PETROCHEMICALS PRIVATE LIMITED	Director	5/8/2008	5/8/2008	-	Strike off	NO
3	U24233MH2010PTC201758	Styron India Trading Private Limited	Director	6/4/2010	6/4/2010	17/06/2010	Active	NO
4	U24100GJ2008PLC054348	DOW-GACL SOLVENTURE LIMITED	Alternate director	30/06/2011	30/06/2011	1/10/2011	Under Process of Striking off	NO

Name :

Mr. Michel Barrier

Designation :

Additional Director

Address :

Cama Terrasses 26, Altamount Road, Mumbai – 400023, Maharashtra, India

Date of Birth/Age :

08.02.1958

Date of Appointment :

25.03.2011

DIN No.:

03365174

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	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	23/03/2011	23/03/2011	26/03/2012	Active	NO
2	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Additional director	25/03/2011	25/03/2011	-	Active	NO
3	U24100GJ2008PLC054348	DOW-GACL SOLVENTURE LIMITED	Director	30/06/2011	31/03/2011	-	Under Process of Striking off	NO

Name :

Mr. Chandrakant Nayak

Designation :

Director

Address :

C – 31/266 MIG Colony, Gandhi Nagar, Bandra, Mumbai – 400051, Maharashtra, India

Date of Birth/Age :

09.08.1966

Date of Appointment :

26.11.2006

DIN No.:

00680762

Name :

Mr. Mahesh Narayanan Gopalasamudram

Designation :

Additional Director

Address :

6-B, Bay House, Godrej Eden Woods, Off. Pokhran Road – 2, Thane (West) – 400610, Maharashtra, India

Date of Birth/Age :

03.05.1971

Date of Appointment :

30.11.2009

DIN No.:

02835208

Name :

Mr. Subhash Shrinivas Mukadam

Designation :

Additional Director

Address :

F33, 2/3, Prem Sagar CHS, Sector 29, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

05.05.1969

Date of Appointment :

06.09.2011

DIN No.:

03593259

KEY EXECUTIVES

Name :	Mrs. Ramolla T. Karnani
Designation :	Secretary
Address :	701 – 702, Anant Basera, S S Patkar Mahavidhyalaya Marg, Off S V Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Date of Birth/Age :	11.08.1959
Date of Appointment :	01.06.2001
PAN.:	AAEPK7929A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Shares
Dow Chemical Pacific (Singapore) Private Limited, Singapore	2761420
Dow Chemical Pacific (Singapore) Private Limited, Singapore	20
Total	2761440

As on 20.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Chemicals (Solid, Liquid and Gaseous), Chemical Compound and Chemical Products.

PRODUCTION STATUS As on (31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Polyurechane Systems	MT	29000	16444
Cross Lonkers	MT	1000	0.000

GENERAL INFORMATION

No. of Employees :

450 (Approximately)

Bankers :

· CITI Bank

Fort, Mumbai, Maharasahtra, India

· Bank of America National Association

16^th Floor, Express Towers, Nariman Point, Mumbai – 400 026, Maharasahtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans others unsecured	(A)150.313	0.00
Other debt unsecured	(C)840.000	(D)1500.000
Interest accrued due other debt unsecured	1.485	10.894
Total	991.798	1510.894
Footnotes (A) Cash Credits (B) Cash Credits (C) Intercorporate Deposits (Amount repayable within a year Rs. 840.000 millions Previous year Rs. 1500.000 millions (D) Intercorporate Deposits (Amount repayable within a year Rs. 840.000 millions Previous year Rs. 1500.000 millions)

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharasahtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN.:	AACFD4815A
Holding Company :	· Dow Chemical Pacific (Singapore) Pte Limited
Ultimate Holding Company :	· The Dow Chemical Company, USA
Associates/Subsidiaries :	· ANGUS Chemical Company · Angus Chemie Gmbh · Dcomco Hong Kong · Dcomco Inc Midland · Dow Agrosciences India Private Limited · Dow Agrosciences L L C · Dow Agrosciences Southern Africa (Private) Limited · Dow Agrosciencen Switzerland S.A. · Dow Belgium B, V.B.A. · Dow Benelux B.V. · Dow Brasil Sa · Dow Brasil Sudeste Industrial Limited · Dow Chemical (Australia) Limited · Dow Chemical (China) Company Limited · Dow Chemical (China) Investment Company Limited · Dow Chemical (Guangzhou) Company Limited · Dow Chemical (Malaysia) Sdn. Bhd. · Dow Chemical (Shanghai) Company Limited · Dow Chemical (Thangjiagang) Company Limited · Dow Chemical Canada UI_C · Dow Chemical Tberica S.L. · Dow Chemical Imea Gmbh · Dow Chemical International Limited · Dow Chemical Japan Limited · Dow Chemical Korea Limited · Dow Chemical Pacific Limited, Hongkong · Dow Chemical Taiwan Limited · Dow Chemical Thailand Limited · Dow Deusschland Anlagengesells Chaft Mbh · Dow Deusschland Gmbh and Company Ohg · Dow Deutschland Inc. · Dow Engineering Company · Dow Europe Gmbh · Dow France S.A.S. · Dow International Holdings S.A. · Dow International Technology Corporation · Dow ltalia Divisione Commerciale S.R.L · Dow Italia S.R.L, · Dow Mideast Systems · Dow Olefinverbund Gmbh · Dow Plastics Southern Africa · Dow Portugal - Produtos Quimicos, Unipessoal, Lda. · Dow Quimics Argentina S.A. · Dow Southern Africa (Pty) Limited · Dow Ssade Produktions GmbH and Company. OHG · Dow Thrkiye Kimys Sanayi Veticaret Limited Sti · Filmtec Corporation · Global Industrial Corporation · Hampshire Chemical Corporation. · Lg Dow Polycarbonate Limited · MEGlobal International IiZE · Pt Dow Chemical Indonesia · Rohm and Haas Chemicals LLC · Rohm and Ham (India) Private Limited · Siam Polyethylene Company Limited · Siam Synthetic Latex Company Limited · Styron (Hong Kong) Limited · Ucar Emulsion Systems Fze · Ucar Pipeline Incorporated · Zhejiang Pacific Chemical Corporation
	·

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2761440	Equity Shares	Rs.10/- each	Rs. 27.614 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		27.614	27.614	27.614
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3348.430	2472.348	1802.799
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3376.044	2499.962	1830.413
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.155
2] Unsecured Loans		991.798	1510.894	1350.000
TOTAL BORROWING		991.798	1510.894	1350.155
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4367.844	4010.856	3191.635
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1144.132	1810.694	2055.963
Capital work-in-progress		35.058	614.590	631.944
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		105.761	33.343	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2946.382	2313.414	2084.219
	Sundry Debtors	3198.471	2526.087	2303.553
	Cash & Bank Balances	105.165	1656.354	328.183
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1394.411	1255.586	1100.847
Total Current Assets		7644.429	7751.441	5816.802
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4083.383	5863.888	5061.861
	Other Current Liabilities	296.374	105.854	191.007
	Provisions	181.779	229.470	60.206
Total Current Liabilities		4561.536	6199.212	5313.074
Net Current Assets		3082.893	1552.229	503.728
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4367.844	4010.856	3191.635

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	10302.000	7864.00	267.163
		Sale of traded Goods	0.000	0.000	3982.981
		Commission	485.300	363.400	451.795
		Income from Services rendered	2857.000	1483.300	0.000
		Corporate service Income	0.000	0.000	2660.1030
		Technical Service Income	4.100	18.800	0.000
		Other Income	397.700	70.700	212.875
		TOTAL (A)	14046.100	9800.200	7574.917
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	12484.000	8570.400	6554.210
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1562.100	1229.800	1020.707
Less	FINANCIAL EXPENSES (D)		87.000	124.200	180.792
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1475.100	1105.600	839.915
Less/ Add	DEPRECIATION/ AMORTISATION (F)		304.200	316.400	203.341
	PROFIT BEFORE TAX (E-F) (G)		1170.900	789.200	636.574
Less	TAX (I)		257.600	203.100	147.547
	PROFIT AFTER TAX (G-I) (J)		913.300	586.100	489.027
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2287.300	1617.800	1202.699
	BALANCE CARRIED TO THE B/S		3163.300	2287.300	1617.800
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3507.600	0.000	0.0006.50
		F.O.B. Value of Exports		196.322	57.150
		Commission		363.437	451.795
		Corporate Support Services Income		2483.339	2660.102
		Others		109.091	122.764
	TOTAL EARNINGS		3507.600	3152.189	3291.811
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.50	5.98	6.45
Net Profit Margin (PBT/Sales)	(%)	11.37	10.04	238.27
Return on Total Assets (PBT/Total Assets}	(%)	13.32	8.25	8.09
Return on Investment (ROI) (PBT/Networth)		0.35	0.31	0.35
Debt Equity Ratio (Total Liability/Networth)		1.64	3.08	3.64
Current Ratio (Current Asset/Current Liability)		1.68	0.12	1.09

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	No
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	No
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	--
23) Banking Details	Yes
24) Banking facility details	No
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

Financial Performance:

The company has delivered an impressive performance, with sales at Rs. 10300.000 millions registering an increase of 31% as compared to Rs. 7860.000 millions in the previous year. The profit after tax at Rs. 910.000 millions has increased by about 56%, despite the increase in cost of raw materials and unavailability of certain products.

FIXED ASSETS

· Leasehold Land

· Building

· Leasehold Improvement

· Plant, Machinery and Equipment

· Furniture, Fixture and Office Equipment

· Computers

· Vehicles

INTANGIBLE ASSETS

· Software

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.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.86

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		62

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.