MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED
Registered Office :	13, Padam-14-B, Peddar Road, Gamdevi, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	18.05.1999
Com. Reg. No.:	11-119904
Capital Investment / Paid-up Capital :	Rs. 53.900 Millions
CIN No.: [Company Identification No.]	U24110MH1999PTC119904
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10633A / MUMC11797C
PAN No.: [Permanent Account No.]	AAACC9611L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Distributor of Specialty Chemicals and Food Ingredients.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 975000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management has failed to file its latest financial with the Government Department. As per previous year’s record, the company is found normal for business dealings. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealing with some 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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

Name :	Mr. Milan Pathare
Designation :	Chief Financial Officer
Contact No.:	91-22-22815060
Date :	11.07.2013

LOCATIONS

Registered Office :	13, Padam-14-B, Peddar Road, Gamdevi, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-22815060/ 66644483
Fax No.:	91-22-22818060
E-Mail :	mpathare@cbcind.com admin@abcind.com vrodrigu@cbcind.com ymathur@cbcind.com milan.pathare@wecocbc.com
Website :	http://www.connellbrothers.com
Corporate Office/ Branch Office 1 :	1^st Floor, Hamilton House, 8, J.N. Heredia Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India
Tel. No.:	91-22-66138300
Fax No.:	91-22-66138330
E-Mail :	cbcin.admin@wecocbc.com
Factory :	Located at: · Panvel
Warehouse:	Located at: v Bhiwandi v Panvel v Delhi
Branch Office 2 :	1112, Kailash Building, 26, Kasturba Gandhi Marg, New Delhi - 110001, India
Tel. No.:	91-11-23713691
Fax No.:	91-11-23713692
Overseas Offices :	v Rosemount, Flat No. B4, House No. 40, Road No. 7, Sector No. 4, Uttara Model Town, Dhaka – 1213, Bangladesh v 8-Kha Armanian Street (Moti Plaza), Armanitola, Dhaka – 1100, Bangladesh Tel No.: 88 0171 416 5897

DIRECTORS

AS ON 13.04.2012

Name :

Mr. Parthiv Tanil Kilachand

Designation :

Director

Address :

Kilachand House, 95, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

27.03.1967

Date of Appointment :

18.05.1999

DIN No.:

00005516

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L21308GJ1989PLC012743	GUJARAT POLY AVX ELECTRONICS LIMITED	Director	11/03/1992	11/03/1992	-	Active	NO
2	U51900MH1994PTC078663	RASAYANI TRADERS PRIVATE LIMITED	Director	30/06/1994	30/06/1994	-	Active	NO
3	L24100MH1955PLC009663	POLYCHEM LIMITED	Managing director	27/07/2012	03/12/1996	-	Active	NO
4	U51900MH1997PTC105312	HIGHCLASS TRADING PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
5	U17110MH1950PLC007979	GINNERS AND PRESSERS LIMITED	Director	14/08/1997	14/08/1997	-	Active	NO
6	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
7	U65920MH1983PTC031628	RO-AN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Dissolved	NO
8	U65920MH1983PTC031612	VIRSUN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
9	U65920MH1983PTC031611	MASUMA INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
10	U51900MH1995PLC087924	SUN TAN TRADING COMPANY LIMITED	Director	12/04/2004	12/04/2004	-	Active	NO
11	U51220MH2000PTC129864	GOURMET LOGISTICS PRIVATE LIMITED	Director	10/03/2006	10/03/2006	21/06/2010	Active	NO
12	U74999MH2004PTC175698	JSM CORPORATION PRIVATE LIMITED	Director	29/09/2007	12/06/2007	-	Active	NO
13	U74140MH2004PTC175689	H R CAFE INDIA PRIVATE LIMITED	Director	29/09/2007	24/08/2007	-	Amalgamated	NO
14	U41000MH2010PLC208418	ENVIRONMENTAL PURIFIERS LIMITED	Director	29/09/2010	29/09/2010	07/12/2010	Active	NO

Name :

Mr. John Pomeroy Thacher

Designation :

Director

Address :

2482/ Spring Mountain Road, St. Helen, California-94574, USA

Date of Birth/Age :

01.10.1954

Date of Appointment :

11.02.2008

DIN No.:

02353500

Name :

Theodore Eliot III

Designation :

Managing director

Address :

401, Golden Gate, Avenue Belvedere, California 94920

Date of Birth/Age :

17.10.1953

Date of Appointment :

18.05.1999

DIN No.:

02231188

Name :

Mr. Nandish Tanil Kilachand

Designation :

Director

Address :

Kilachand House, 95, Nepeansea Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

23.07.1972

Date of Appointment :

18.05.1999

DIN No.:

00005530

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109MH1993PTC072980	CAPUCHIM ELECTRONICS PRIVATE LIMITED	Director	15/02/1994	15/02/1994	-	Dissolved	NO
2	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
3	U17110MH1950PLC007979	GINNERS AND PRESSERS LIMITED	Director	03/06/1999	03/06/1999	-	Active	NO
4	U51900MH1994PTC078663	RASAYANI TRADERS PRIVATE LIMITED	Director	30/08/1999	30/08/1999	-	Active	NO
5	U51900MH1995PLC087924	SUN TAN TRADING COMPANY LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO
6	U65920MH1983PTC031612	VIRSUN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
7	U65920MH1983PTC031611	MASUMA INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
8	U65920MH1983PTC031628	RO-AN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Dissolved	NO
9	U15100MH1947PTC005588	TULSI GLOBAL LOGISTICS PRIVATE LIMITED	Director	20/12/2002	20/12/2002	15/06/2010	Active	NO
10	U41000MH2010PLC208418	ENVIRONMENTAL PURIFIERS LIMITED	Director	29/09/2010	29/09/2010	07/12/2010	Active	NO
11	L24100MH1955PLC009663	POLYCHEM LIMITED	Director	17/09/2012	27/07/2012	-	Active	NO

Name :

Jeffrey Francis Streblow

Designation :

Director appointed in casual vacancy

Address :

5137, Coombsville Road, California, USA – 94558

Date of Birth/Age :

04.06.1959

Date of Appointment :

17.05.2009

DIN No.:

02682288

Name :

Mr. Yogesh Shivraj Mathur

Designation :

Whole-time director

Address :

13- Padam-1, 4B, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

22.11.1950

Date of Appointment :

10.05.2011

DIN No.:

01059977

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	U15549PN1995PTC014548	LOKRANJAN BREWERIES PRIVATE LIMITED	Director	03/12/1996	03/12/1996	Active	NO
2	U65990MH1983PTC031629	SHAJA INVESTMENTS PRIVATE LIMITED	Director	20/12/2002	20/12/2002	Active	NO
3	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Whole-time director	10/05/2011	10/05/2011	Active	NO

Name :

Eugene Scott Graddy

Designation :

Director

Address :

11, Ardmore PK, #13-01, Ardmore PK, Singapore – 259957

Date of Birth/Age :

23.05.1961

Date of Appointment :

25.05.2011

DIN No.:

03583392

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	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	25/05/2011	10/05/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Milan Pathare
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.04.2012

Names of Shareholders	No. of Shares
Rasayani Traders Private Limited, India	269500
Wilbur Ellis Company, USA	269500
Total	539000

AS ON 13.04.2012

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]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Distributor of Specialty Chemicals and Food Ingredients.

Products/ Services :

PRODUCT DESCRIPTION	ITC CODE NO.
Acylic Polymers	39.06
Paper Chemicals	38.24.90
Pigments	32.04

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

v ABN Amro Bank N.V., 7^th Floor, Sakhar Bhavan, Nariman Road, Mumbai – 400021, Maharashtra, India

v Royal Bank of Scotland, Fort, Mumbai, Maharashtra, India

v ABN Amro Bank N.V., 14, Veer Airman Road, Mumbai – 400023, Maharashtra, India

Facilities :

Secured Loans	31.12.2010	31.12.2009
	(Rs. In Millions)
Loan from Bank Short-term credit facility from Bank [Repayable within a year Rs.45.000 millions (Previous year Rs.21.000 millions)] (Credit facility from Bank is secured by sole charge over movable fixed assets like plant and machinery, equipments etc, stock and book debts both present and future)	45.000	21.000
Total	45.000	21.000

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Subsidiaries :	Connell Bros Company Bangladesh (Private) Limited

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
800,000	Equity Shares	Rs. 100/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
539,000	Equity Shares	Rs. 100/- each	Rs. 53.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		53.900	53.900	53.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		189.902	134.392	117.685
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		243.802	188.292	171.585
LOAN FUNDS
1] Secured Loans		45.000	21.000	69.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		45.000	21.000	69.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		288.802	209.292	240.585
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.575	42.703	44.123
Capital work-in-progress		0.284	0.000	0.269
INVESTMENT		0.700	0.700	0.700
DEFERREX TAX ASSETS		5.969	6.245	5.387
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	212.954	127.624	133.754
	Sundry Debtors	220.002	176.928	140.495
	Cash & Bank Balances	98.338	78.244	38.054
	Other Current Assets	0.968	1.075	0.861
	Loans & Advances	19.335	16.692	12.142
Total Current Assets		551.597	400.563	325.306
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	199.828	147.170	88.352
	Current Liabilities	43.960	23.752	9.012
	Provisions	69.535	69.997	37.836
Total Current Liabilities		313.323	240.919	135.200
Net Current Assets		238.274	159.644	190.106
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		288.802	209.292	240.585

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income from Operations	1278.390	1014.570	838.450
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		196.620	145.670	119.710
Less	INTEREST (D)		2.630	6.550	11.090
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		193.990	139.120	108.620
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.340	6.330	6.160
	PROFIT BEFORE TAX (E-F) (G)		187.650	132.790	102.460
Less	TAX (H)		62.610	46.090	36.370
	PROFIT AFTER TAX (G-H) (I)		125.040	86.700	66.090
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		101.690	93.680	72.330
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	59.820	59.820	32.340
		Tax on Dividend on Equity Shares	9.710	10.170	5.500
		Transfer to General Reserve	12.600	8.700	6.900
	BALANCE CARRIED TO THE B/S		144.600	101.690	93.680
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	107.020	75.690	87.870
	Earnings Per Share (Rs.)		231.99	160.86	122.62

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
Net Profit Margin (PBT/Sales)	(%)	14.68	13.09	12.22
Return on Total Assets (PBT/Total Assets}	(%)	31.53	29.96	27.73
Return on Investment (ROI) (PBT/Networth)		0.77	0.71	0.60
Debt Equity Ratio (Total Debt/Networth)		0.18	0.11	0.40
Current Ratio (Current Asset/Current Liability)		1.76	1.66	2.41

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	Yes
10]	Designation of contact person	Yes
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	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	No

FINANCIAL RESULTS

In the year of operations ended on 31^st December 2010, the Company has made a Profit before Tax of INR 187.650 millions. In view of satisfactory operations of the Company, Directors are recommend a dividend of INR 111/- (Previous year - INR 111/-) per Equity share of Rs.100/- each amounting to INR 59.829 millions (Previous year - INR 59.829 millions).

TRADING BUSINESS

Sales of Traded Goods during the year ended 31^st December 2010 was INR 776.020 millions consisting INR 727.240 millions of domestic sale and INR 48.780 millions of export sale compared to INR 599.000 millions consisting of INR 561.650 millions of domestic sale and INR 37.350 millions of export sale during the previous year.

AGENCY / INDENTING BUSINESS

Total value of goods indented for direct delivery to customers during the year was INR 244.760 millions compared to INR 230.990 millions during the previous year and Commission earned during the year was INR 26.080 millions compared to INR 23.850 millions during the previous year. The indenting business covers import as well as export of specialty chemicals.

MANUFACTURING OPERATIONS

Sales of Manufactured Goods during the year ended 31^st December 2010 were INR 476.290 millions compared to INR 391.710 millions during the previous year.

FINANCE

During the year the Company has obtained maximum loan of INR 60.000 millions as compared to maximum loan of 69.000 millions during the previous year under overall credit facilities from The Royal Bank of Scotland N.V. (formerly ABN Amro Bank N.V.).

FIXED ASSETS:

Tangible Assets

v Leasehold Improvements

v Plant and Machinery

v Laboratory Equipments

v Office Equipments

v Furniture and Fixtures

v Computers

v Vehicles

Intangible Assets

v 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 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. 59.64
UK Pound	1	Rs. 90.14
Euro	1	Rs. 77.99

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.