MIRA INFORM REPORT

Report Date :

10.04.2013

IDENTIFICATION DETAILS

Name :	VISWAAT CHEMICALS LIMITED
Registered Office :	Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad (East), Mumbai – 400 097, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.07.1996
Com. Reg. No.:	11-100815
Capital Investment / Paid-up Capital :	Rs.33.791 millions
CIN No.: [Company Identification No.]	U51496MH1996PLC100815
TAN No.: [Tax Deduction & Collection Account No.]	MUMV09746C
PAN No.: [Permanent Account No.]	AAACV4184B
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer of Speciality Chemicals for Leather, Textile, Pharmaceuticals, Cosmetics, Refinery, Paints and Speciality surfactants.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INF LOCATIONS

Registered Office / Corporate Office :	Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad (East), Mumbai – 400 097, Maharashtra, India
Tel. No.:	91-22-32452211 / 28740365 / 2341
Fax No.:	91-22-28745321
E-Mail :	viswaat@vsnl.com viswaat@mtnl.net.in
Website :	http://www.viswaatchem.com
Factory :	Plot No. N1, Additional Ambernath Midc, Maharashtra, India

DIRECTORS

As on : 30.09.2010

Name :	Mr. Vipin Kumar Jain
Designation :	Director
Address :	43, Venus, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	04.08.1966
Date of Appointment :	29.09.1997
Name :	Mr. Arvind I Malhotra
Designation :	Director
Address :	703, Shreenathji, 16, Cross Road, Khar, Mumbai – 400 052, Maharashtra, India
Date of Birth/Age :	25.01.1947
Date of Appointment :	01.08.2000
Name :	Mr. Vinesh V Shetty
Designation :	Whole Time Director
Address :	902, Beach Classic, Versova, Seven Bunglows, Andheri (West), Mumbai – 400 061, Maharashtra, India
Date of Birth/Age :	16.09.1979
Date of Appointment :	25.02.2005
Name :	Mr. Shashikant R Shetty
Designation :	Whole Time Director
Address :	Flat No. 1101, Tower No. 3, Saket HDG Complex, Majiwade, Thane (West), Mumbai – 400 061, Maharashtra, India
Date of Birth/Age :	12.04.1952
Date of Appointment :	12.09.1999
Name :	Mr. Bhaskar M Shetty
Designation :	Whole Time Director
Address :	1101, Wellington, Hiranandani Estate, Patlipada, Thane (West) – 400 607, Maharashtra, India
Date of Birth/Age :	01.06.1957
Date of Appointment :	27.01.2003
Name :	Mr. Hari Prasanna Shetty
Designation :	Whole Time Director
Address :	Flat No. 305, Building No. 2, Dheeraj Enclave, Opp. W E Highway, Borivali (East), Mumbai – 400 066, Maharashtra, India
Date of Birth/Age :	01.11.1965
Date of Appointment :	11.10.2005
Name :	Mr. B Vivek Shetty
Designation :	Executive Chairman
Address :	902, Beach Classic, Versova, Seven Bunglows, Andheri (West), Mumbai – 400 061, Maharashtra, India
Date of Birth/Age :	03.10.1949
Date of Appointment :	02.07.2007
Name :	Mr. Haridwar Singh
Designation :	Director
Address :	32, Vigyan Nagar Society, Bavdhan Khurd, NDA Road, Pune – 411 021, Maharashtra, India
Date of Birth/Age :	31.03.1944
Date of Appointment :	24.07.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2010

Names of Shareholders	No. of Shares
Swati Holding and Leasing Private Limited, India	1446260
Sai Siddhi Chemical Trading Private Limited, India	516100
Kidoor Chemicals Trading Private Limited, India	511500
Ramaa V Shetty	170000
Vinesh Shetty	235580
Swati V Shetty	150400
Shashikant R Shetty	50000
Vipin Kumar Jain	5000
Bhaskar M Shetty	50000
Anand rai	500
Shambhavi Shetty	500
Udaya Shetty	20000
H P Shetty	30000
Arvind I Malhotra	7500
V V Hadawale	2500
B. Vivek Shetty	173360
Haridwar Singh	5000

Equity share breakup (percentage of total equity)

As on : 30.09.2010

Category	Percentage
Bodies corporate	77.49
Directors or relatives of directors	21.54
Other top fifty (50) shareholders	0.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Speciality Chemicals for Leather, Textile, Pharmaceuticals, Cosmetics, Refinery, Paints and Speciality surfactants.

Products :

Product Description	ITC Code
Speciality Chemicals	2905.90
Textile Chemicals	3903.90
Leather Chemicals	3202.00
Drugs Intermediates	2921.00

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Licensed Capacity	Installed Capacity	Actual Production (KGS)
Specialty Chemicals	720 MT	720MT	652045
Surfactants	4800 MT	4800MT	4075407
Leather Chemicals	10800 MT	10800MT	9667315
Textile Chemicals	4800 MT	4800MT	4135062
Others	---	---	3769209

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

· Bank of Maharashtra

Raja Shivaji Vidya Sankul, Hindu Colony, Six Lane, Dadar (East), Mumbai – 400 014, Maharashtra, India

· HDFC Bank Limited

Facilities :

Secured Loans	(As on 31.03.2010) Rs. in millions	(As on 31.03.2009) Rs. in millions
Secured Loans from Bankers
Term Loans	57.539	47.382
Working capital loan and bill discounting	125.077	121.231
Hire Purchase Loans	7.188	3.264
Total	189.804	171.877

Notes

Term loans, Working Capital loan and Bill Discounting are secured against hypothecation of land, building, plant and machinery, stocks and book debts. Further guaranteed by two directors and Corporate guarantee of M/s. Swati Holding and Leasing Private Limited.

Hire Purchase and Other Loan are secured against the hypothecation of respective assets financed.

Unsecured Loans	(As on 31.03.2010) Rs. in millions	(As on 31.03.2009) Rs. in millions
Loan from Others
Dealer deposits	21.243	22.416
Inter Corporate deposits	5.057	0.208
Total	26.301	22.624

Banking Relations :	Satisfactory
Auditors :
Name :	S K Shetty and Associates Chartered Accountant
Address :	203, Lok Centre, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-29206525
Tele Fax No.:	91-22-29258519
E-Mail :	sksal123@yahoo.com sksal123@live.in
Holding Company :	Swati Holding and Leasing Private Limited Sai Siddi Chemical Trading Private Limited Kidoor Chemicals Trading Private Limited

CAPITAL STRUCTURE

AS ON : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3379100	Equity Shares	Rs.10/- each	Rs.33.791 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		33.791	29.111	26.206
2] Share Application Money		0.000	2.273	0.000
3] Reserves & Surplus		98.529	70.233	56.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		132.320	101.617	82.781
LOAN FUNDS
1] Secured Loans		189.804	171.877	115.637
2] Unsecured Loans		26.301	22.624	25.396
TOTAL BORROWING		216.105	194.501	141.033
DEFERRED TAX LIABILITIES		11.695	9.897	6.686
TOTAL		360.120	306.015	230.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		142.141	132.116	88.225
Capital work-in-progress		17.886	3.324	9.435
INVESTMENT		0.421	0.001	1.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.706	30.585	37.212
	Sundry Debtors	229.033	162.766	146.501
	Cash & Bank Balances	38.497	46.140	14.404
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.956	10.347	9.397
Total Current Assets		321.192	249.838	207.514
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	106.956	69.325	67.103
	Provisions	14.564	9.939	9.594
Total Current Liabilities		121.520	79.264	76.697
Net Current Assets		199.672	170.574	130.817
MISCELLANEOUS EXPENSES		0.000	0.000	1.021
TOTAL		360.120	306.015	230.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	955.799	761.537	612.535
		Other Income	1.595	0.696	0.507
		TOTAL (A)	957.394	762.233	613.042
Less	EXPENSES
		Material Cost	674.563	516.920	404.519
		Manufacturing and Other Expenses	211.822	190.234	170.912
		Increase / Decrease In Stock	1.419	0.774	(4.521)
		TOTAL (B)	887.804	707.928	570.910
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		69.590	54.305	42.132
Less	FINANCIAL EXPENSES (D)		20.906	18.584	13.815
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.684	35.721	28.317
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.045	8.912	7.230
	PROFIT BEFORE TAX (E-F) (G)		37.639	26.809	21.087
Less	TAX (I)		13.211	10.426	7.985
	PROFIT AFTER TAX (G-I) (J)		24.428	16.383	13.102
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		68.550	54.891	44.088
Less	APPROPRIATIONS
		Dividend	2.703	2.328	1.965
		Tax on Dividend	0.448	0.395	0.334
	BALANCE CARRIED TO THE B/S		89.826	68.550	54.891
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	49.623	35.397	43.673
	TOTAL EARNINGS		49.623	35.397	43.673
	Earnings Per Share (Rs.)		0.07	0.06	0.05

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.55	2.14	2.14
Net Profit Margin (PBT/Sales)	(%)	3.93	3.52	3.44
Return on Total Assets (PBT/Total Assets}	(%)	8.12	7.01	7.13
Return on Investment (ROI) (PBT/Networth)		0.28	0.26	0.25
Debt Equity Ratio (Total Liability/Networth)		2.55	2.69	2.63
Current Ratio (Current Asset/Current Liability)		2.64	3.15	2.71

LOCAL AGENCY FURTHER INFORMATION

NOTE :

The Registered office Address of the company has been shifted from ‘TRIVENI MITH CHOWKI, MALAD-MARVE Road, Malad (East), Mumbai – 400064, Maharashtra, India w.e.f. 20.09.2007

OPERATIONAL AND FINANCIAL PERFORMANCE:

During the year, the company has recorded a sales turnover of Rs.955.900 millions as against Rs 761.400 millions for the previous year, registering a growth of 25.50% over previous year. The front before depreciation is Rs.48.600 millions as against Rs. 36.700 millions. The growth in term so f profit also is 25.5% over previous year Thought he global recession continued till first half of the year. company could achieve the desired growth due impressive performance by all the divisions. Vigorous cost cutting measures, effective inventory management along with savings through better purchase and additional R and D activities have contributed significantly to the growth in bottom line.

India as a Country is on growth track. The company is mainly in specialty and performance chemicals has a wide spectrum of application in industries like textile, Leather, Pharmaceuticals, Cosmetics, refinery, Paper, Fertilizer, and Construction etc. these industries are growing in almost all the sectors and the company speciality chemicals can r=create a substantial value addition for those industries. The company has made a huge investments in R and D which will have a positive result in the coming years. Considering the high level of safety in manufacturing process and facilities, various multinational companies are already in the customers list of the company which has a high potential in future.

In general, the chemical and specility chemicals industry in the country are doing extremely well and company industry in the country are doing extremely well and company is in the process of taking the advantage of the same. In order to strengthen the manpower, the company has added a number of professional people in various key positions and continues to do so in the coming year also. With strong foundation in manufacturing R and D and Manpower network, and also looking at the growth potential for specility chemical industry in India. The company has become a multi products and multi division company in the country.

As usual, the projects for the defense are focused area of the company.

The company’s most prestigious project under government owned company operated (GOCO) project with High Energy Material Research Laboratory (HEMRL), Pune has been continued for the ninth year. The similar project with HEMRL, CPPF, Nasik is also being renewed for the second year.

Further, the very special GOCO project for the manufacturing and Supply of product called Tri Amino Tro Nitro (TATB) at High Energy Material Research Laboratory (HEMRL) Location is also renewed for third year.

Form No. 8

Corporate identity number of the company	U51496MH1996PLC100815
Name of the company	VISWAAT CHEMICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad (East), Mumbai – 400 097, Maharashtra, India
This form is for	Modification of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra Raja Shivaji Vidya Sankul, Hindu Colony, Six Lane, Dadar (East), Mumbai – 400 014, Maharashtra, India
Nature of instrument creating charge	Composite Deed of hypothecation dated 17.12.2008
Date of instrument Creating the charge	17.12.2008
Amount secured by the charge	Rs.215.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest Cash Credit : 12.25% p.a. Bill discounting; commission as per bank’s guidelines Pre-shipment credit : 10.50% p.a. upto 180 days : 13.00% p.a. for period beyond 180 days. Post-shipment credit : 10.50% p.a. upto 90 days : 13.00% p.a. for period beyond 90 days upto 180 days. Commission on export bills as per bank’s guidelines. Letter of credit : Commission at rates mentioned in sanction letter Bank guarantee : commission as per bank guidelines. Term loan : 12.25% p.a. · Terms of repayment As per sanction letter · Margin Cash credit – 25% Bill Discounting – Nil Packing credit – Nil Post shipment credit – 10% Letter of credit : 10% in term deposits Bank guarantee : 10% in term deposits · Extent and operation of the charge The charge operates as security for the following credit limits aggregating Rs.215.000 millions. Cash Credit : 125.000 millions (with sub limit of Rs.5.000 millions for bill discounting : Rs.10.000 millions for packing and export credit bill discounting) Letter of credit : Rs.20.000 millions Bank guarantee : Rs.5.000 millions; and Outstanding balances of existing term loans · Others As per sanction letter AN3/ADV/VCL/2008-09 dated 03.12.2008 and composite deed of hypothecation dated 17.12.2008.
Particulars of the property charged	All tangible and intangible assets of the company such as trade marks, copyrights, goodwill, intellectual property rights, stocks of rawmaterials, semi finished goods, finished goods, store, spares, bills receivables, book debts, outstanding moneys, and all other movables of the company etc. as mentioned in the composite deed of hypothecation dated 17.12.2008.
Particulars of the present modification	Cash credit limit has been increased from Rs.80.000 millions to Rs.125.000 millions (with sub limit of Rs.5.000 millions for bill discounting under L/C and Rs.10.000 millions for packing credit and export bill discounting) Letter of credit limit has been increased from Rs.10.000 millions to Rs.20.000 millions Bank Guarantee limit has been increased from Rs.2.000 millions to Rs.5.000 millions. Project cost for the term loan of Rs.30.000 millions reduced to Rs.55.000 millions and margin of 45.45% to be maintained on the revised cost.

Fixed Assets

· Leasehold Land

· Building

· Plant and Machinery

· Office Equipments

· EDP Equipment

· Furniture and Fixture

· Lab Equipment

· Office Premises

· Vehicles – Car

· Vehicles – Tempo

· Factory Equipment

Web Details

Subject is a Speciality Chemicals manufacturing company based in Mumbai.

The company has recently set up ultra modern state of the art manufacturing facilities at Ambernath near Mumbai.

The production facilities involve various unit operations and unit processes like chlorosulphonation, Ethoxylation, Esterification, Polymerisation, Condensation, Distillation, Spray Dryer etc.

The products manufactured are Speciality Chemicals catering to Industries like Leather, Textile, Paper, Pharma, Fertilizer, Cosmetic, Refinery, Fibre Glass, Food, Ceramic, Rayon, Paint, Printing Ink etc.

Leather Chemicals Division

The company manufacturers and markets comprehensive range of leather chemicals like Synthetic Tanning Agents, Socking Wetting and Degreasing Agents, Fat Liquors, Finishing Agents, etc.

Marketing Network and Technical Services

Business operations are controlled from the Corporate office in Mumbai, supported by Branch offices located at Chennai, Delhi, Kanpur, Kolkata, Jalandhar etc. Marketing channels include direct supplies to customers and sales through Distributors located in the major leather manufacturing centres in India like Chennai, Vaniyambadi, Ambur, Ranipet, Agra, Kanpur, Jalandhar, Kolkata etc. They also established technical service centre at all the major locations.

The leather division’s marketing team consists of highly qualified leather technologists with several years experience in tanneries and technical service laboratories.

The company has set up well equipped R and D Lab and Application Centre at Ambernath near Mumbai, which has constantly engaged in new product developments process, improvement and import substitutions. Highly qualified technocrats and scientists are working in this R and D centre and Application Lab.

Profile

The rare blend of global quality, capabilities and adaptability has enabled company to emerge as a trusted supplier of speciality chemicals to industries like Leather, Textile, Pharmaceutical, Refinery, Agro, Fertilizer, Paper, Paints and Inks, Personal Care, Construction, Electroplating, etc.

Subject offers a comprehensive range of speciality chemicals of international quality, backed by technical services. With its strong R and D and innovative approaches subject can offer latest technological products and also easy adaptability to specific customized requirements. This enables subject to deliver customer satisfaction and become their trusted partner in growth.

Subject's state-of-the-art manufacturing plant located near Mumbai is equipped with the latest machinery and sophisticated processes like Ethoxylation, Esterification, Chloro-sulphonation, Phosphitation, Condensation, Distillation, Spray Drying, Polymerization, Etherification, Sulphitation, Hydrochlorination, Bisulphitation, etc.

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 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.54.46
UK Pound	1	Rs.83.13
Euro	1	Rs.70.99

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.