MIRA INFORM REPORT

Report Date :

16.11.2013

IDENTIFICATION DETAILS

Name :	HEETU CHEMICALS AND ALKALIES LIMITED
Formerly Known As :	HEETU CHEMICAL LIMTED (w.e.f 27.06.2000) HEETU CHEMICALS AND ALKALIES LIMITED HEETU CHEMICALS AND ALKALIES PRIVATE LIMITED
Registered Office :	E/8, Commerce Center, Etardeo Road, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.10.1990
Com. Reg. No.:	11-058562
Capital Investment / Paid-up Capital :	Rs. 3.676 Millions
CIN No.: [Company Identification No.]	U24100MH1990PLC058562
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07674C
PAN No.: [Permanent Account No.]	AAACH1535Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Exporter of Chemicals
No. of Employees :	50 (Approximately)

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
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company has failed to file its financial with government department for the year 2013. Trade relations are reported to be fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Srinivas
Designation :	Export Department
Contact No.:	91-265-2342745
Date :	15.11.2013

LOCATIONS

Registered Office :	E/8, Commerce Center, Etardeo Road, Mumbai – 400034, Maharashtra, India
Tel. No. :	91-22-22821522
Fax No. :	Not Available
E-Mail :	dkmroc@gmail.com
Website :	www.heetu.com
Location :	Owned
Sales Office:	305-Konark Shram 3rd Floor, Behind Everest Building, Tardeo Main Road, Mumbai-400034, Maharashtra, India
Tel. No. :	91- 22-66333273/ 74/ 66333272/ 23525392/ 61241205
Fax No. :	91-265-2786283
E-Mail :	heetu@hotmail.com sales@heetu.com
Branch Office:	A1/121 Associated Society, Opposite HDFC Bank, Off Old Padara Road, Akota, Baroda – 390020, Gujarat, India
Tel. No.:	91-265-2342745
Fax No. :	91-265-2324666

DIRECTORS

As on 29.09.2012

Name :

Mr. Ravi Poshanna Barkuta

Designation :

Whole-time director

Address :

Room No.94, Mohmad Jamal Chawl, Nehru Nagar, Kurla (East), Mumbai – 400024, Maharashtra, India

Date of Birth/Age :

25.05.1982

Date of Appointment :

01.04.2006

PAN No.:

AHIPB6777E

DIN No. :

00419923

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	U24100MH1990PLC058562	HEETU CHEMICALS AND ALKALIES LIMITED	Whole-time director	01/04/2006	30/07/2002	-	Active	NO

Name :

Mr. Bharat Krishna Bhosale

Designation :

Whole-time director

Address :

Mohmad Jamalchawl, Near Navrekar Bunglow, Kurla (East), Mumbai – 400024, Maharashtra, India

Date of Birth/Age :

12.07.1971

Date of Appointment :

01.04.2006

DIN No. :

00420023

PAN No. :

AHIPB6778M

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	U24100MH1990PLC058562	HEETU CHEMICALS AND ALKALIES LIMITED	Whole-time director	01/04/2006	30/07/2002	-	Active	NO

Name :

Mr. Santosh Digamber Sawant

Designation :

Whole-time director

Address :

Jai Ambe Sadan, 2-B/6, Hanuman Galli, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

07.10.1972

Date of Appointment :

01.04.2006

PAN No. :

AURPS6465N

DIN No. :

01592520

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	U24100MH1990PLC058562	HEETU CHEMICALS AND ALKALIES LIMITED	Whole-time director	01/04/2006	30/07/2002	-	Active	NO

Name :

Mr. Subhash Ashok Dhuru

Designation :

Director

Address :

D-613, Sagar Avenue, 6 Th Floor, Dhobi Ghat, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

14.12.1965

Date of Appointment :

20.08.2008

PAN No. :

ACWPD7867Q

DIN No. :

02281136

KEY EXECUTIVES

Name :	Mr. Srinivas
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Vivek Vinay Shah	19020
Sujata Vivek Shah	14980
Pratima Vinay Chipalkati	10
Noble House Securities And Holding Limited, India	1960
Surendra C Patel	10
Rutwik Vivek Shah	770
Subhash Ashok Dhuru	10
Total	36760

Allottees as on 25.01.2013

Names of Allottees	No. of Shares
Vivek Vinay Shah	1525
Sujata Vivek Shah	1525
Total	3050

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	5.33
Directors or relatives of Directors	94.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Chemicals

Products :

Item Code No. (ITC Code)	Product Description
28051900	Alkali Trader

Exports :

Products :

Chemicals

Countries :

· Gulf Countries

· Africa

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers:

End Users

· Oil and Gas Corporation of India (ONGC)

· Oil India Limited (OIL)

· Bharat Petroleum Corporation Limited (BPCL)

· Hindustan Petroleum Corporation Limited (HPCL)

· Mangalore Refineries and Pertroleum Limited (MRPL)

· Indian Oil Corporation Limited

· UHDE, UOP

· Rallis India Limited

· Bal Pharma

· Kazi Dyeing

· Raymonds Limited

No. of Employees :

50 (Approximately)

Bankers :

The Ratnakar Bank Limited, Shahupuri, Kolhapur, Vypari Peth, Kolhapur - 416001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.129	0.832
Rupee term loans from others	8.361	4.903
Other loans and advances, others	7.912	24.253
SHORT TERM BORROWINGS
Rupee term loans from banks	1.070	0.619
Rupee term loans from others	0.874	0.855
Total	18.346	31.462

Banking Relations :	--
Auditors :
Name :	Mukesh P Shah and Company Chartered Accountants
Address :	Block No. 12, Second Floor, Damodar, Niwas 32/34, C P Tank Road, Mumbai - 400004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAGFM5242C
Related Parties:	· Heena Marketing Limited CIN No.: U24117MH2001PLC131723 · Zen Marketing Limited CIN No.: U51900MH1994PLC078153 · Noble Housing Seurities and Holding Limited

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000	Equity Shares	Rs.100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39,810	Equity Shares	Rs.100/- each	Rs. 3.981 Millions

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000	Equity Shares	Rs.100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36,760	Equity Shares	Rs.100/- each	Rs. 3.676 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	3.676	3.676
(b) Reserves & Surplus	57.295	45.114
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	60.971	48.790
(3) Non-Current Liabilities
(a) long-term borrowings	18.184	29.987
(b) Deferred tax liabilities (Net)	1.273	1.438
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.585	2.087
Total Non-current Liabilities (3)	22.042	33.512
(4) Current Liabilities
(a) Short term borrowings	67.496	3.045
(b) Trade payables	173.521	175.217
(c) Other current liabilities	1.717	1.424
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	242.734	179.686
TOTAL	325.747	261.988
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.014	20.459
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.647	1.510
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	13.405	9.101
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	45.066	31.070
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.103	0.555
(c) Trade receivables	261.786	214.205
(d) Cash and cash equivalents	14.238	13.348
(e) Short-term loans and advances	2.554	2.810
(f) Other current assets	0.000	0.000
Total Current Assets	280.681	230.918
TOTAL	325.747	261.988

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.676
2] Share Application Money		0.000
3] Reserves & Surplus		36.740
4] (Accumulated Losses)		0.000
NETWORTH		40.416
LOAN FUNDS
1] Secured Loans		27.690
2] Unsecured Loans		1.570
TOTAL BORROWING		29.260
DEFERRED TAX LIABILITIES		0.887
TOTAL		70.563
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.799
Capital work-in-progress		0.000
INVESTMENT		2.263
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.397
	Sundry Debtors	228.391
	Cash & Bank Balances	17.672
	Other Current Assets	0.000
	Loans & Advances	6.991
Total Current Assets		253.451
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	192.230
	Other Current Liabilities	0.000
	Provisions	0.720
Total Current Liabilities		192.950
Net Current Assets		60.501
MISCELLANEOUS EXPENSES		0.000
TOTAL		70.563

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1485.102	1188.629	0.000
		Other Income	3.652	2.243	3.546
		TOTAL (A)	1488.754	1190.872	3.546
Less	EXPENSES
		Purchases of stock-in-trade	1424.032	1130.684
		Employee benefit expense	12.731	8.143
		Other expenses	31.525	35.265
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1.548)	(0.159)
		TOTAL (B)	1466.740	1173.933	11.586
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.014	16.939	(8.040)
Less	FINANCIAL EXPENSES (D)		4.658	1.918	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.356	15.021	(8.040)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.150	1.812	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		15.206	13.209	(8.040)
Less	TAX (H)		3.025	4.835	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		12.181	8.374	(8.040)
	Earnings / (Loss) Per Share (Rs.)		331.37	227.80	(218.72)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.82	0.70	(226.73)
Net Profit Margin (PBT/Sales)	(%)	1.02	1.11	0.00
Return on Total Assets (PBT/Total Assets}	(%)	4.69	5.07	(3.08)
Return on Investment (ROI) (PBT/Networth)		0.25	0.27	(0.20)
Debt Equity Ratio (Total Debt/Networth)		1.41	0.68	0.72
Current Ratio (Current Asset/Current Liability)		1.16	1.29	1.31

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Lodging No.:- NMAL/2459/2009 Filing Date:- 13/07/2009 Reg. No.:- NMA/2459/2009 Reg. Date:- 13/07/2009

Petitioner: ESHADITI CHEMICALS PVT LTD.- Respondent: HEETU CHEMICALS AND ALKALIES LTD.-

Petn.Adv: ASHUTOSH KULKARNI

District: SANGLI

BENCH: DIVISION

STATUS: Pre-Admission Category:- NOTICE OF MOTION (TAX)

Last Date:- 23/07/2010 Stage:-

Last Coram:- ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10278074	31/03/2011	16,500,000.00	THE RATNAKAR BANK LIMITED	FORT, MUMBAI 7, RAHIMTOOLA HOUSE, HOMJI STREET, HORN IMAN CIRCLE, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B09881103
2	10162751	08/06/2009	2,360,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A64122526
3	10005594	21/02/2013 *	128,300,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, VYPARI PETH, KOLHAPUR - 416001, MAHARASHTRA, INDIA	B73177644

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Intercorporate borrowings	1.783	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	55.949	1.570
Loans repayable on demand from others	1.570	0.000
Intercorporate borrowings	8.032	0.000
Total	67.334	1.570

CORPORATE INFORMATION

The Company is a Public limited company domiciled in India and incorporated on 16/10/1990,under the provisions of the Companies Act, 1956. The principal shareholder of the Company as at 31st March, 2012 is its directors and their relatives and a company in which shareholders are interested.

OPERATION

During the year Company’s gross income increase to 1488.800 Millions from 1190.900 Millions in the previous year. Due to improved trend in market condition sales for the year has improved. Further the Directors expect further improvement in the turnover in the future year.

FIXED ASSETS

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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.63.06
UK Pound	1	Rs.101.15
Euro	1	Rs.84.95

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	YES
--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.