MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	JOTUN INDIA PRIVATE LIMITED
Registered Office :	502, 5^th Floor, Boston House, Suren Road, Behind Cinemax Theatre, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.03.2006
Com. Reg. No.:	11-160431
Capital Investment / Paid-up Capital :	Rs. 1111.817 Millions
CIN No.: [Company Identification No.]	U24224MH2006PTC160431
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ12022D
PAN No.: [Permanent Account No.]	AABCJ6665J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Decorative and Industrial Paints.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3500000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Jotun AS, Norway. It is an established company having moderate track. It has achieved some growth in its sales during 2011. It has incurred heavy loss from its operations. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business us active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 :	502, 5^th Floor, Boston House, Suren Road, Behind Cinemax Theatre, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel No.:	91-22-28224600 / 67872100 / 26848932
Fax No.:	91-22-28205900 / 26848920
E-Mail :	harshita.chhabra@jotun.com nilesh.nagwekar@jotun.com vijay.bhatt@jotun.com csd.india@jotun.com jotun.mumbai@jotun.com anthony.wong@jotun.com flora.das@jotun.com
Website :	http://www.jotun.com
Factory :	D- 280, MIDC, Ranjangaon, Shirur, Pune – 419204, Maharashtra, India
Tel. No.:	91-2138-671300 / 230300
Fax No.:	91-2138-671399 / 230399
E-Mail :	jotun.pune@jotun.com
Warehouse :	Located at: v Bhivandi
Sales Office :	Prince Plaza, 2^nd Floor, 73 Pantheon Road, Egmore, Chennai – 600008, Tamilnadu, India
Tel No.:	91-44-28419420/ 28510861
Fax No.:	91-44-28419513
Email :	jotun.chennai@jotun.com
Branch :	Located at v Surat

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Esben Hersve

Designation :

Director

Address :

Orneveien17, Sadefjord, 003209, Norway

Date of Birth/Age :

27.06.1960

Qualification :

Bachelor Degree in International Management (BI)

Date of Appointment :

06.06.2007

DIN No.:

02012551

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	U24224MH2006PTC160431	JOTUN INDIA PRIVATE LIMITED	Director	06/06/2007	31/03/2006	Active	NO

Name :

Mr. Erik Reinholt Aaberg

Designation :

Director

Address :

P. O. Box 3671, Dubai 009714, United Arab Emirates

Date of Birth/Age :

18.08.1951

Qualification :

Oslo School of Business Management (BI)

Date of Appointment :

06.06.2007

DIN No.:

00082179

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	U24224MH2006PTC160431	Jotun India Private Limited	Director	06/06/2007	31/03/2006	Active	NO

Name :

Mr. Martin Ai Leng Chew

Designation :

Director

Address :

The Meadows 5, Villa 40, Street- II, Dubai, United Arab Emirates

Date of Birth/Age :

02.09.1967

Qualification :

Diploma in Polytechnic, Singapore

Date of Appointment :

26.06.2009

DIN No.:

02478901

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	U24224MH2006PTC160431	Jotun India Private Limited	Director	26/06/2009	24/09/2008	Active	NO

Name :

Mr. Liang Hoong Wong

Designation :

Director

Address :

33, Hindhede Walk, Apartment-07-11, Singapore 587 968

Date of Birth/Age :

03.11.1958

Qualification :

Diploma

Date of Appointment :

30.09.2011

DIN No.:

02614703

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	U24229MH2004PTC191195	JOTUN POWDER COATINGS (INDIA) PRIVATE LIMITED	Director	26/06/2009	18/03/2009	Amalgamated	NO
2	U24224MH2006PTC160431	JOTUN INDIA PRIVATE LIMITED	Director	30/09/2011	30/09/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Harshita Chhabra
Designation :	Secretary
Address :	3/256, Basant Building, Sher-e-Punjab Colony, Andheri East, Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	18.09.1985
Date of Appointment :	09.03.2010
PAN No.:	AIFPC9312G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Jotun AS, Norway	111181666
Jotun (Singapore) Pte Ltd, Singapore	1
Total	111181667

AS ON 19.04.2012

Names of Allottees	No. of Shares
Jotun Powder Coatings A/S, Norway	6859999
Jotun Powder Coatings (Thailand) Limited, Thailand	1
Total	6860000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Decorative and Industrial Paints.

Products :

ITC Code	Product Descriptions
303.2	Liquid Paints
303.9	Powder Coatings

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Paint	Ltrs	N.A.	16,000,000	10,399,271
Powder	Kgs	N.A.	4,000,000	2,872,540

Note: Licensed capacity for the product manufactured by the company is not mandated and hence not disclosed. Installed Capacity as stated above is as per management estimate and has not been verified by auditor as same being technical matter

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

· CITI Bank N.A., CITI Group Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	80.000	330.000
Interest accrued due other debt secured	0.721	0.782
Total	80.721	330.782
Note: (A) Secured by first exclusive charge on all book-debts and receivables of the Company, present and future
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	388.468	579.235
Other debt unsecured	401.760	405.990
Interest accrued due other debt unsecured	0.000	2.225
Total	790.228	987.450

Note: (A) Includes Rs.120,000,000/- (Previous Year Rs.332,224,966/-) which is against comfort letter issued by holding Company.

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding Company :	Jotun AS, Norway
Fellow Subsidiaries / Associate :	v Jotun Singapore Pte. Limited v Jotun Abu Dhabi Limited (L.L.C.) v Jotun Paints Europe Limited v Jotun (Malaysia) Sdn. Bhd. v Jotun Paints (Vietnam) Company Limited v Powder Coatings (Vietnam) Company Limited v Jotun Thailand Limited v Jotun U.A.E. Limited (L.L.C.) v Jotun F.Z.E. v Jotun Cosco Marine Coatings (HK) Company Limited v Jotun Powder Coatings India Private Limited. v Jotun Italia S.p.A v Chokwang Jotun Limited v Jotun Paints South Africa (Pty) Limited v Jotun Powder Coatings (Thailand) Limited v Jotun Powder Coatings UAE Limited (L.L.C.) v Jotun Powder Coatings (CZ) AS v Jotun Cosco Marine Coatings (GZ) Company Limited v Jotun Coatings (Zhangjiagang) Company Limited v Jotun Paints Company L.L.C v Jotun Danmark A/s v Jotun Powder Coatings AS Norway v Jotun Brasil Imp. Exp and Industria de Tintas Ltda. v P.T. Jotun Indonesia v Jotun Boya Sanayive Ticaretas v Jotun Saudia Company Limited v Jotun Iberica S.A. v Jotun Iberica SA ( Portugal) v Jotun Powder Coatings (M) Sdn. Bhd. v Jotun Powder Coatings Saudi Arabia Company Limited v Jotun Powder Coatings (N) AS v Jotun Paints, Inc.

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000,000	Equity Shares	Rs. 10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
118,041,667	Equity Shares	Rs.10/- each	Rs. 1180.417 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
125,000,000	Equity Shares	Rs. 10/- each	Rs. 1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111,181,667	Equity Shares	Rs.10/- each	Rs. 1111.817 Millions

Note: (A) 111,181,666 (Previous Year: 84,349,999) Equity Shares of Rs. 10 each are held by Jotun AS, the holding Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010 (15 Months)	31.12.2008 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		1111.817	843.500	517.625
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		847.373	310.740	0.000
4] (Accumulated Losses)		(1077.214)	(838.768)	(433.831)
NETWORTH		881.976	315.472	83.794
LOAN FUNDS
1] Secured Loans		80.721	330.782	332.750
2] Unsecured Loans		790.228	987.450	849.655
TOTAL BORROWING		870.949	1318.232	1182.405
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1752.925	1633.704	1266.199
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		717.053	808.570	862.299
Capital work-in-progress		2.418	6.687	1.387
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	595.697	469.093	386.776
	Sundry Debtors	765.472	723.600	302.835
	Cash & Bank Balances	177.283	51.808	18.915
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	198.398	153.690	164.198
Total Current Assets		1736.850	1398.191	872.724
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	580.024	430.462	410.353
	Other Current Liabilities	105.074	131.385	55.954
	Provisions	18.298	17.897	3.904
Total Current Liabilities		703.396	579.744	470.211
Net Current Assets		1033.454	818.447	404.513
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1752.925	1633.704	1266.199

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010 (15 Months)	31.12.2008 (12 Months)
	SALES
		Income	2556.579	2100.856	464.637
		Other Income	7.113	6.611	63.758
		TOTAL	2563.692	2107.467	528.395
	EXPENSES
		Expenses including Depreciation	2811.059	2507.813	850.731
		Prior Period Adjustment for communication expenses	0.000	3.373	0.000
		TOTAL	2811.059	2511.186	850.731
	PROFIT/(LOSS) BEFORE TAX		(238.446)	(403.719)	(322.336)
Less	TAX		0.000	1.218	4.365
	PROFIT/(LOSS) AFTER TAX		(238.446)	(404.937)	(326.701)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(838.768)	(433.831)	(107.130)
	BALANCE CARRIED TO THE B/S		(1077.214)	(838.768)	(433.831)
	EARNINGS IN FOREIGN CURRENCY
		Exports (FOB)	29.541	21.469	1.611
		Sales Support Fee	8.921	0.000	59.132
		Rental income assets	1.711	0.000	0.000
		Technical service fees	0.787	0.000	0.000
	TOTAL EARNINGS		40.960	21.469	60.743
	IMPORTS
		Capital Goods	7.184	26.700	44.320
		Raw Material	913.628	672.779	230.350
		Traded Goods	138.693	200.738	258.519
	TOTAL IMPORTS		1059.505	900.217	533.189
	Earnings/(Loss) Per Share (Rs.)		(2.50)	(5.91)	(10.74)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010 (15 Months)	31.12.2008 (12 Months)
PAT / Total Income	(%)	(9.30)	(19.21)	(61.83)
Net Profit Margin (PBT/Sales)	(%)	(9.33)	(19.22)	(69.37)
Return on Total Assets (PBT/Total Assets}	(%)	(9.72)	(18.29)	(18.58)
Return on Investment (ROI) (PBT/Networth)		(0.27)	(1.28)	(3.85)
Debt Equity Ratio (Total Liability/Networth)		1.79	6.02	19.72
Current Ratio (Current Asset/Current Liability)		2.47	2.41	1.86

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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)	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	No

Note: The registered address of the company has been shifted from 204-205, Ascot Centre, Sahar Road, Andheri East, Mumbai, to 502, 5^th Floor, Boston House, Suren Road, Behind Cinemax Theatre, Andheri East, Mumbai – 400093, Maharashtra, India w.e.f. 08.04.2011

BACKGROUND

Jotun India Private Limited (or the Company) was incorporated on 10 March 2006 as a 99.99% subsidiary of Jotun AS, Norway (or the holding company). The Company is into operation of manufacturing Liquid Paints and powder coatings.

PERFORMANCE

The operations of the plant are improving at a steady rate and we are deploying our resources in the best possible way to increase the business volumes.

During the year, the Company has scaled new heights and has set several new benchmarks in terms of sales, profits and net worth. The Company has delivered good of financial and operating performance amidst the challenging and volatile market conditions.

PROPOSED AMALGAMATION OF JOTUN POWDER COATING (INDIA) PRIVATE LIMITED WITH JOTUN INDIA PRIVATE LIMITED

The Board of Director of the Company in the meeting held on September 30, 2010, has approved the draft scheme of Amalgamation of Jotun Powder Coating (India) Private Limited (the transferor Company) with Jotun India Private Limited (the transferee Company) pursuant to section 391 read with section 394 of the Companys Act, 1956 subject to the approval of the members of the Company and the Honble High Court of Bombay Judicature (the High Court). The appointed date is April 01, 2010. The members of the Company have approved the Scheme of amalgamation in the meeting held on 11th January, 2011 and Scheme was filed with the High Court on7th May, 2011.

Pending the High Court approval, the amalgamation has not been given effect to in the financial statements.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Custom duty on pending export obligation on EPCG scheme	6.781	21.906

Fixed Assets

Tangible assets:

v Leasehold Land

v Building

v Leasehold Improvements

v Office Equipment

v Computer / EDP Equipment

v Plant and Machinery

v Motor Vehicles

v Furniture and Fixture

Intangible assets:

v Software Expenses

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. 53.67
UK Pound	1	Rs. 86.05
Euro	1	Rs. 70.07

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.