MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	CHEMTROLS INDUSTRIES LIMITED [w.e.f. 29.02.2008]
Formerly Known As :	CHEMTROLS ENGINEERING LIMITED
Registered Office :	910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.07.1981
Com. Reg. No.:	11-24757
Capital Investment / Paid-up Capital :	Rs.239.727 Millions
CIN No.: [Company Identification No.]	U29299MH1981PLC024757
IEC No. :	0388002433
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10185A
PAN No.: [Permanent Account No.]	AAACC2870R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Scada, Process Control and Analytical Instruments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1810000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported fair. Business is active. Payments are 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB – [Long Term Bank Facilities]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 2013

Rating Agency Name	CARE
Rating	A3 [Short Term Bank Facilities]
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 2013

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/ Factory 1 / Branch Office :	910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22873573/ 22830636/ 28575089
Fax No.:	91-22-22873573/ 28574386
E-Mail :	chemtrolsfa@mtnl.net.in chemtrols@fchentrolis.co.in
Website :	www.chemtrols.com
Head Office :	Amar Hill, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India
Tel. No. :	91-22-28575089/ 28570557
Fax No. :	91-22-28571913
E-Mail :	chemtrols@chemtrols.co.in
Website :	www.chemtrols.com
Factory 2 :	141/142, Kundaim Industrial Estate, Kundaim-403115, Goa, Maharashtra, India
Tel. No. :	91-832-6613100/ 6613101/ 3102/ 2395238/ 2395086
Fax No. :	91-832-6613155/ 2395208
E-Mail :	chemtrolgoa@chemtrols.co.in
Also Branch Offices :	Located At: · Mumbai · Secunderabad · New Delhi · Bangalore · Chennai · Vadodara · Kolkata · UAE · Goa · Guwahati · Sharjah

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Rakesh Kumar Gupta
Designation :	Director
Address :	104, A Lila Apartments, Yari Road, Versova, Mumbai 400061, Maharashtra, India
Date of Birth/Age :	04.06.1953
Qualification :	B.E. (Elect.)
Date of Appointment :	01.10.2008
DIN No. :	00050139
Name :	Mr. Nandkumar Kalath
Designation :	Director
Address :	202, Mangal Darshan, Turner Road, Bandra [West], Mumbai 400 050, Maharashtra, India
Date of Birth/Age :	02.11.1948
Qualification :	B.Sc., Chem. Engg
Date of Appointment :	08.07.1981
DIN No. :	00041727
Name :	Mr. Sambhaji Amrut Rao Nikam
Designation :	Director
Address :	A-201, Eden – 1, 201, Hiranandani Gardens, Powai, Mumbai 400 076, Maharashtra, India
Date of Birth/Age :	15.03.1940
Qualification :	DME
Date of Appointment :	08.07.1981
DIN No. :	00041810
Name :	Mrs. Usha Nandakumar
Designation :	Director
Address :	202, Mangal Darshan, Turner Road, Bandra [West], Mumbai 400050, Maharashtra, India
Date of Birth/Age :	01.02.1955
Qualification :	PG. in Philosaphy
Date of Appointment :	09.01.2004
DIN No. :	00041863

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
K. Nandakumar	5038112
S. A. Nikam	1243853
Usha Nandakumar	2107664
K Rajagopal	509664
Chemtorls Holding Private Limited, India	38425489
K. Venugopal	24711
K. Ramanathan	29447
Chandrika Venugopal	24711
Shailaja Viswanthan	29301
Nalini Rajagopal	38772
K Viswanathan	29301
Smitha Rajagopal	15559
Sudha Ramanathan	35335
K Aravindakshan	7550
R.R. Nair	2323
R. Radhakrishnan	264002
Sreelatha Nair	22651
Karthika Nandakumar	62863
Kumari Unnikrishnan	34247
TOTAL	47945555

AS ON 27.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	80.14
Directors or relatives of directors	17.63
Other top fifty shareholders	2.23
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Scada, Process Control and Analytical Instruments.

Products :

ITC Code	Product Description
90261000	Level Instrument
90271000	Analyzer
84818000	Valves

• Level Gauges And Spares
• Valves And Spares
• Level Transmitters And Spares
• Pressure Transmitters and Spares
• And Spares
• Differential Transmitters And Spares
• Desuper Heaters And Spares
• Pressure Switches And Spares
• Level Switch
• Flow Indicators
• Spray Nozzle System
• Temperature Transmitters
• Flow Meter And Accessories

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• Central Bank of India, (Jointly with HDFC Bank Limited), CFB Nariman Point Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	8.341	12.945
Short Term Borrowings
Term Loans From Banks	1036.708	675.000
TOTAL	1045.049	687.945

Banking Relations :	--
Auditors :
Name :	S. Raghunath and Company Chartered Accountants
Address :	3/8, Surya Niwas, Colony Road, Sion (West), Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-24020404
E-Mail :	raghunath@vsnl.net
PAN No:	AAPFS9245B
Holding Company:	Chemtrols Holding Private Limited CIN No.: U65590MH1992PTC066098
Associates/Subsidiaries :	Chemtrols Solar Private Limited [U74900MH1993PTC071583] Chemtrols Samil (India) Private Limited [U32107MH2001PTC133748]
Joint Venture :	ERC Chemtrols Private Limited [U74999MH2010PTC203092]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.5/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47945555	Equity Shares	Rs.5/- each	Rs.239.727 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	239.727	239.727
(b) Reserves & Surplus	213.798	189.474
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	28.884	35.002
(b) Deferred tax liabilities (Net)	1.230	0.335
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	9.710
(4) Current liabilities
(a) Short term borrowings	1067.913	675.000
(b) Trade payables	662.026	473.649
(c) Other current liabilities	259.926	240.560
(d) Short-term provisions	15.107	17.555
TOTAL	2488.611	1881.012
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	179.709	185.694
(ii) Intangible Assets	7.920	4.318
(iii) Tangible assets capital work in progress	15.895	10.222
(iv) Intangible assets under development or work in progress	4.705	4.285
(b) Non-current Investments	23.236	13.542
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	19.725	9.535
(e) Other Non-current assets	69.899	35.891
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	595.420	379.024
(c) Trade receivables	1247.867	979.787
(d) Cash and cash equivalents	159.895	152.087
(e) Short-term loans and advances	141.750	78.275
(f) Other current assets	22.590	28.352
TOTAL	2488.611	1881.012

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		219.276
2] Share Application Money		0.000
3] Reserves & Surplus		153.866
4] (Accumulated Losses)		0.000
NETWORTH		373.142
LOAN FUNDS
1] Secured Loans		535.873
2] Unsecured Loans		13.150
TOTAL BORROWING		549.023
DEFERRED TAX LIABILITIES		1.159
TOTAL		923.324
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		182.144
Capital work-in-progress		11.540
INVESTMENT		2.839
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	350.356
	Sundry Debtors	781.633
	Cash & Bank Balances	148.610
	Other Current Assets	0.000
	Loans & Advances	166.355
Total Current Assets		1446.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	391.744
	Other Current Liabilities	193.632
	Provisions	134.777
Total Current Liabilities		720.153
Net Current Assets		726.801
MISCELLANEOUS EXPENSES		0.000
TOTAL		923.324

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2705.017	2458.241	2514.189
		Other Income	22.830	20.836	1.282
		TOTAL (A)	2727.847	2479.077	2515.471
Less	EXPENSES
		Cost of materials consumed	1804.895	1507.843
		Purchases of stock-in-trade	21.074	11.323
		Employee benefit expense	301.276	289.500	2327.868
		Other expenses	456.943	459.020
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(108.976)	23.122
		TOTAL (B)	2475.212	2290.808	2327.868
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		252.635	188.269	187.603
Less	FINANCIAL EXPENSES (D)		176.046	83.998	61.999
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		76.589	104.271	125.604
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.655	22.643	20.303
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		51.934	81.628	105.301
Less	TAX (H)		12.895	21.775	35.709
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		39.039	59.853	69.592
Add	INCOME TAX OF EARLIER YEARS		0.000	2.675	(1.317)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		89.639	62.946	28.520
Less	APPROPRIATIONS
		Interim Dividend	0.000	10.964	0.000
		Proposed Dividend	11.986	11.191	20.452
		Tax on Dividend	1.944	3.680	3.397
		Transfer to General Reserve	5.000	10.000	10.000
	BALANCE CARRIED TO THE B/S		109.748	89.639	62.946
	Earnings / (Loss) Per Share (Rs.)		0.81	1.32	1.44

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.43	2.41	2.77
Net Profit Margin (PBT/Sales)	(%)	1.92	3.32	4.32
Return on Total Assets (PBT/Total Assets}	(%)	2.12	4.41	6.46
Return on Investment (ROI) (PBT/Networth)		0.11	0.19	0.10
Debt Equity Ratio (Total Debt/Networth)		2.42	1.65	3.40
Current Ratio (Current Asset/Current Liability)		1.08	1.15	2.01

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)	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Deposit From Shareholders	20.543	22.057
Short Term Borrowings
Term Loans	31.205	0.000
TOTAL	51.748	22.057

PERFORMANCE OVERVIEW:

The year gone by has been most challenging; both domestically and globally, arising from a combination of abnormally adverse economic, industrial, and political factors. India’s economic growth dropped to a decade low of 6.5% in the year 2011-12 with last quarter reporting , just 5.2% growth High inflation , high fiscal deficit, highest ever trade deficit and slower pace of growth played havoc with prudent projections even if short term. Against this back ground, the company has steadily and successfully steered its growth projections for the year. The Company attained a Sales turnover of Rs. 2917.400 Millions as compared to Rs.2668.700 Millions in the previous year. The Profit after tax was Rs. 39.000 Millions as against Rs. 59.800 Millions is the previous year.

The unprecedented depreciation of Indian Rupee against U.S. Dollar and Euro during the year over 20% has impacted the company’s net earnings by a whooping figure of over Rs.36.100 Millions coupled with this, the very high interest rate is over 14.5% on working capital and corresponding high other incidental charges has bottomed on another Rs. 40.000 to 50.000 Millions. Another equally devastating effect on the company earnings stemmed from the inordinate delays at some of their customers end in their arranging inspections and taking deliveries of finished goods and there after seeking extended credit period for releasing payments. Combination of these three unparalleled Sine qua non alone has eroded.

The company’s earnings by around 7 to 8% the sales turn over. The company has taken corrective action to minimize effects of such condition in the future by way of:-

i) Internationalization of operations balancing import and export and partially hedging

ii) Switching over to Letter of Credit payment methodology, to be made available well in advance of intended dispatch date; wherever flexible and possible and

iii) Cutting down/ eliminating credit period for specifically engineered solutions.

The Pending order book position as on 01st April stood at Rs. 1964.200 Millions, indicating a healthy growth in the current year for their regular business.

OUTLOOK:

The order book position as on date stood at Rs.2532.600 Millions indicating a healthy growth in the current year in the base business. The thrust on renewable energy is assuming significance globally with most countries including theirs committing to meet part of its energy requirements through renewable sources. This will generate significant opportunities for the company’s subsidiaries. The company is exploring opportunities for acquisitions / joint venture as part of its backward integration plans to achieve a competitive edge in the pricing of its projects / products.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90153709
Corporate identity number of the company	U29299MH1981PLC024757
Name of the company	CHEMTROLS INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India
Type of charge	Book Debts Others
Particular of charge holder	Central Bank of India, (Jointly with HDFC Bank Limited), CFB Nariman Point Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India Email: smmums@gmail.com
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation
Date of instrument Creating the charge	11.02.2013
Amount secured by the charge	Rs.3015.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Stipulated By Bank From Time To Time Terms of Repayment As Stipulated By Bank From Time To Time Margin As Stipulated By Bank From Time To Time Extent and Operation of the charge First pari passu charge(present and future)=total limit Rs.3015.100 Millions (fund based Rs.970.100 Millions and non fund based =Rs.2045.000 Millions) And/or as stipulated by bank from time to time Others As stipulated by bank from time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property charged	First pari passu charge (present and future on following assets -from 1 to 4 point) (1) hypothecation of all documents of title to goods uncer confirmed L.C. including hypothecation of goods under l.c. Hypothecation of all stock/goods/inventories/products including all RM, SIP, FG, consumable stores, spares, packing materials kept at borrower place/premises/factories/godown or whereeverelse or transit Hypothecation of book debts and receivables Hypothecation of all current and movable assets of the company First charge(present and future) for term loan-hypothecation of entire block of assets including hypothecation machinery and equipments
Particulars of the present modification	By this modification limit enhanced to Rs.3015.100 Millions (fund based Rs.970.100 Millions and non fund based =Rs.2045.000 Millions),securities are continued as given by original charge as well as by modifications ,terms and conditions as per agreement and as per sanction letter of the bank

FIXED ASSETS:

• Freehold land
• Factory building
• Leasehold land
• Residential flats
• Office Premises
• Computers
• Furniture and Fittings
• Electrical Installation
• Office Equipments
• Motor Vehicle
• Patterns and Dies
• Technical Know – How

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.58.41
UK Pound	1	Rs.91.62
Euro	1	Rs.78.12

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.