MIRA INFORM REPORT

Report Date :

20.02.2013

IDENTIFICATION DETAILS

Name :	CRODA CHEMICALS (INDIA) PRIVATE LIMITED
Registered Office :	Plot No.1/1 Part, TTC Industrial Area, Thane Belapur Road, Koparkhairne, Navi Mumbai-400710, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.07.1995
Com. Reg. No.:	11-117141
Capital Investment / Paid-up Capital :	Rs. 714.465 Millions
CIN No.: [Company Identification No.]	U24100MH1995PTC117141
TAN No.: [Tax Deduction & Collection Account No.]	U MC11626G
PAN No.: [Permanent Account No.]	AAACC9212H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals for different type of Industries.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 3300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Listing :	No
Banker’s Note :	--
Comments :	Subject is a subsidiary of ‘Croda International Plc, U.K.’. It is an established company having a satisfactory track record. The latest financials of the company are not made available. As per previous year’s record, there appear huge accumulated losses recorded by the company. However, it receives strong financial support from its parent company. Trade relations are reported as fair. Business is active. Payment terms are usually correct. In view of strong holding company, the subject can be considered 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	26.09.2012

Rating Agency Name	CRISIL
Rating	A1 (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	26.09.2012

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.

INFORMATION DECLINED BY

Management non co-operative

LOCATIONS

Registered Office / Factory / Head Office :	Plot No.1/1 Part, TTC Industrial Area, Thane Belapur Road, Koparkhairne, Navi Mumbai-400710, Maharashtra, India
Tel. No.:	91-22-27787531 /30948400 /500 /600
Fax No.:	91-22-27780007
E-Mail :	Sales.india@croda.com
Website :	www.croda.co.in

DIRECTORS

AS ON 25.09.2012

Name :	Mr. Annoottam Ajit Ghosh
Designation :	Director
Address :	1503 Avalon Building Cliff Avenue Hiranandani Gardens Powai, Mumbai-400076, Maharashtra, India.
Date of Birth/Age :	27.12.1952
Date of Appointment :	05.01.2007
DIN No.:	00368895
Name :	Mr. Sunil Kirit Shah
Designation :	Director
Address :	21-A, Ocean Gold, Twin Tower Lane, Prabhadevi – 400025, Mumbai– 400001, Maharashtra, India
Date of Birth/Age :	29.06.1956
Date of Appointment :	24.10.1997
DIN No.:	00594713
Name :	Mr. David Edward Barraclough
Designation :	Director
Address :	Sandhill House, Market Weighton Road, Sancton york YO434RB, United Kingdom
Date of Birth/Age :	04.08.1954
Date of Appointment :	05.01.2007
DIN No.:	01194947
Name :	Mr. Rupark Chandi Saraswat
Designation :	Director
Address :	3 A, Anweshan, ICI Housing Plot No. 110, Lane B, Sector - 8, Vashi, Navi Mumbai- 400 703, Maharashtra, India
Date of Birth/Age :	19.02.1972
Date of Appointment :	26.09.2007
DIN No.:	01667132
Name :	Mr. Ritesh Gordhandas Tanna
Designation :	Director
Address :	704 Mayflower Hiranandani Meadows Gladys Alwarys Road, off Pokhran No.2. Thane400610 West, Maharashtra, India.
Date of Birth/Age :	11.03.1974
Date of Appointment :	22.01.2008
DIN No.:	01937732
Name :	Mr. Graham Lloyd Myers
Designation :	Director
Address :	7 Swan Close, Deighton, York, United Kingdom-YO196HY
Date of Birth/Age :	12.04.1963
Date of Appointment :	28.09.2010
DIN No.:	03186157
Name :	Mr. Murali Krishna Duvvuri
Designation :	Whole Time Director
Address :	303, Suparshav Apartments, Sarvodaya Nagar, Mulund (West), Mumbai-400080, Maharashtra, India
Date of Birth/Age :	04.01.1973
Date of Appointment :	30.03.2012
DIN No.:	05209383

KEY EXECUTIVES

Name :	Ms. Renu Apurva Dangi
Designation :	Secretary
Address :	G6, 1:2, Sharayu Co-operative Housing Society, Sector-29, Vashi-400703, Maharashtra, India
Date of Birth/Age :	25.04.1984
Date of Appointment :	25.03.2011
PAN No.:	APPPK6480A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2012

Names of Equity Shareholders	No. of Shares
Sunil Kirit Shah	10
Croda International PLC, England	1446467
TOTAL	1446477

Names of Preference Shareholders	No. of Shares
Croda International PLC, England	2100
TOTAL	2100

AS ON 25.09.2012

Equity Shares Break Up	Percentage of Holding
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 of Chemicals for different type of Industries.

Products :

Product Description	Item Code (ITC Code)
Organic Surfactants	3402
Chemical Products	3809
Organic Chemicals	2915

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Speciality Chemicals	Tones	@	16960

Notes:

@ Dependent on the Product Mix.

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

· Axis Bank Limited, Axis House, Ground Floor, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai-400025, Maharashtra, India

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Debentures unsecured
Fully convertible debentures unsecured	1400.000	1400.000
Interest accrued due unsecured loans
Interest accrued due debentures unsecured	9.668	9.014
TOTAL	1409.668	1409.014
NOTES (A) 1400 (Previous Year : 1400), Fully Convertible Debentures of Rs. 1,000,000 each issued to Croda International Plc, U.K., the Holding Company (The interest rate has been revised from 6.5% p.a. to 9.75% p.a. w.e.f. April 1, 2010 pursuant to the resolution approved at the meeting of the Board of Directors on June 8, 2010) The above debentures are convertible into (1%) Non-cumulative Redeemable Preference Shares at par on or before March 31, 2012. (B) Interest accrued and due thereon [Net of Tax Deducted at Source Rs. 1.706 Millions (Previous Year: 1.706 Millions)]

Banking Relations :	--
Auditors :
Name :	Gupta Neeraj Kumar Chartered Accountant
Address :	Price Waterhouse, 252, Veer Savarkar Marg, Shivaji Park, Mumbai-400028, Maharashtra, India
PAN No.:	AAEFP3641G
Holding Company :	Croda International Plc, U.K
Subsidiaries :	PT Croda Indonesia
Fellow Subsidiaries :	· Croda Europe Limited · Croda Inc. USA · Croda Singapore Pte. Limited · Croda Japan K. K. · Croda Trading (Shanghai) Company Limited · Croda Hong Kong Company Limited · Croda Chemicals International Limited · Croda (SA) Pty. Limited · Croda Colombia · Crodarom SAS, France · Sederma SAS, France · John L Seatons and Company Limited · Croda Australia · Croda (Thailand) Company Limited · Croda Iberica SA · Croda Do Brazil Limited · Croda Woobang Company Limited · Uniqema B.V. Netherland · Croda Overseas Holdings Limited · Croda Periama S.A.C.

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs. 18.000 Millions
700	1% Non Cumulative Redeemable Preference Shares	Rs.1000000/- each	Rs. 700.000 Millions
	TOTAL		Rs. 718.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1446477	Equity Shares	Rs.10/- each	Rs. 14.465 Millions
700	1% Non Cumulative Redeemable Preference Shares	Rs.1000000/- each	Rs. 700.000 Millions
	TOTAL		Rs. 714.465 Millions

AS ON 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs. 18.000 Millions
2100	1% Non Cumulative Redeemable Preference Shares	Rs.1000000/- each	Rs. 2100.000 Millions
	TOTAL		Rs. 2118.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1446477	Equity Shares	Rs.10/- each	Rs. 14.465 Millions
2100	1% Non Cumulative Redeemable Preference Shares	Rs.1000000/- each	Rs. 2100.000 Millions
	TOTAL		Rs. 2114.465 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		714.465	714.465	14.464
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		790.000	790.000	790.000
4] (Accumulated Losses)		(667.510)	(641.767)	(563.556)
NETWORTH		836.955	862.698	240.908
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1409.668	1409.014	2109.669
TOTAL BORROWING		1409.668	1409.014	2109.669
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2246.623	2271.712	2350.577
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1274.569	1624.094	1868.376
Capital work-in-progress		95.661	30.408	61.481
INVESTMENT		177.881	0.000	0.000
DEFERREX TAX ASSETS		41.441	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	297.083	214.644	178.881
	Sundry Debtors	371.190	328.073	275.296
	Cash & Bank Balances	298.529	373.591	220.751
	Other Current Assets	11.979	3.629	0.198
	Loans & Advances	67.339	61.700	53.472
Total Current Assets		1046.120	981.637	728.598
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	276.336	259.952	214.635
	Other Current Liabilities	89.938	84.389	93.243
	Provisions	22.775	20.086	19.384
Total Current Liabilities		389.049	364.427	307.878
Net Current Assets		657.071	617.210	420.720
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2246.623	2271.712	2350.577

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	2352.100	1965.100	1748.700
	Other Income
	TOTAL (A)	2352.100	1965.100	1748.700
EXPENSES
	Office Expenses	1805.300	1472.400	1449.400
	Administrative Expenses
	Advertising Expenses
	TOTAL (B)	1805.300	1472.400	1449.400
PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		546.800	492.700	299.300
FINANCIAL EXPENSES (D)		140.200	139.000	143.400
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		406.600	353.700	155.900
DEPRECIATION/ AMORTISATION (F)		441.800	431.900	426.000
PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(35.200)	(78.200)	(270.100)
TAX (H)		9.400	0.000	1.800
PROFIT / (LOSS) AFTER TAX (G-H) (I)		(25.700)	(78.200)	(271.900)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(641.800)	(563.600)	(291.700)
BALANCE CARRIED TO THE B/S		(667.500)	(641.800)	(563.600)
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	233.223	130.628	89.458
	Commission Earnings	15.824	25.466	22.178
TOTAL EARNINGS		249.047	156.094	111.636
IMPORTS
	Raw Materials	324.929	266.460	281.501
	Traded Goods	188.060	140.124	142.569
	Capital Goods	14.381	4.957	0.000
TOTAL IMPORTS		527.370	411.541	424.070
Earnings Per Share (Rs.)		(17.80)	(54.07)	(187.97)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.09)	(3.98)	(15.55)
Return on Total Assets (PBT/Total Assets}	(%)	(1.49)	(3.00)	(10.40)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.09)	(1.12)
Debt Equity Ratio (Total Debt /Networth)		1.68	1.63	8.76
Current Ratio (Current Asset/Current Liability)		2.69	2.69	2.37

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	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)	Yes
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	No
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	Yes

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Creditors due small micro enterprises	0.707	0.137	2.447
Creditors due others	275.629	259.815	212.188
TOTAL	276.336	259.952	214.635

BUSINESS ENVIRONMENT

The Indian economy picked up momentum during the first half of the year and tapered off in the second half. The GDP growth in 2010-11 is estimated to be around 8.5 % (previous year over 7 %). The economy was recovering rapidly from the growth slowdown but inflationary pressures, which were triggered by supply side factors, are now developing into a wider inflationary process. With inflation hovering at its high for most part of the year the Central Bank was forced to increase the interest rates from time to time.

While recovery in India is expected to be driven predominantly by domestic demand, significant trade, financial and sentiment linkages indicate that a sluggish and uncertain global environment can adversely impact the Indian economy.

While domestic sales grew by 16%, export sales were higher by 79% in line with the strategy. Of the total sales revenue of the Company for the year, 11% is contributed by exports. An impressive growth of 11% in profit before depreciation, interest and tax (EBITDA) was achieved on the back of product mix coupled with the price increases and containment of overall expenses. Net loss after tax reduced by 67% as compared to previous year.

FORM 8

Corporate identity number of the company	U24100MH1995PTC117141
Name of the company	CRODA CHEMICALS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.1/1 Part, TTC Industrial Area, Thane Belapur Road, Koparkhairne, Navi Mumbai-400710, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10038762
Type of charge	· Book debts · Movable property (not being pledge) · Others
Particular of charge holder	Axis Bank Limited, Axis House, Ground Floor, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai-400025, Maharashtra, India
Nature of instrument creating charge	Agreement dated 27/03/2012
Date of instrument Creating the charge	27.03.2012
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction letter No. AXISB/CO/MC/NA/0486/11-12 dt.14.12.11 and as modified by bank from time to time. Terms of repayment As per sanction letter No. AXISB/CO/MC/NA/0486/11-12 dt.14.12.11 and as modified by bank from time to time. Margin As per sanction letter No. AXISB/CO/MC/NA/0486/11-12 dt.14.12.11 and as modified by bank from time to time. Extent and operation of the charge Pari Passu first charge on entire current assets of the company (present and future) along with The Hongkong and Shanghai Banking Corporation Limited
Short particulars of the property charged (Including location of the property)	All the stock in trade both present and future consisting of raw material, stock in process, finished goods and other current assets whatsoever Outstanding monies receivables, claims, and bills both present and future
Particulars of the present modification	By this modification, various credit facilities granted have been realigned and reduced to Rs. 50.000 Millions more particularly described in First Sch. Part II of the Agreement dt.27.03.12. The said limits are secured by Pari Passu first charge on entire current assets of the company both present and future along with The Hongkong and Shanghai Banking Corporation Limited

FIXED ASSETS

· Office Equipment

· Furniture

· Computer and Laptops etc

· Fax Machine

· Paper Shredder Machine

· Xerox Machine

· Mobile Phone

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 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. 54.28
UK Pound	1	Rs. 84.09
Euro	1	Rs. 72.44

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.