MIRA INFORM REPORT

Report Date :

12.06.2014

IDENTIFICATION DETAILS

Name :	KUSA CHEMICALS PRIVATE LIMITED
Registered Office :	101, Varun Apartment, Dattatray Road, Santacruz (West), Mumbai - 400054, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.07.1983
Com. Reg. No.:	11-030449
Capital Investment / Paid-up Capital :	Rs.16.468 Millions
CIN No.: [Company Identification No.]	U24110MH1983PTC030449
TAN No.: [Tax Deduction & Collection Account No.]	MUMK10691C
PAN No.: [Permanent Account No.]	AAACK2777R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Chemicals and Additives.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1080000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making

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. Atul Shinde
Designation :	Accountant
Contact No.:	91-22-26601422
Date :	12.06.2014

LOCATIONS

Registered Office/ Warehouse :	101, Varun Apartment, Dattatray Road, Santacruz (West), Mumbai - 400054, Maharashtra, India
Tel. No. :	91-22-26601422/ 23
Fax No. :	Not Available
E-Mail :	info@kusachem.com vikesh@kusachem.com
Location :	Owned

DIRECTORS

As on 18.09.2013

Name :

Mr. Ishwarbhai Vithalbhai Patel

Designation :

Director

Address :

501, Sea Princes Apartment, Plot No. 20, Juhu Tara Road, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

03.06.1950

Date of Appointment :

19.07.1983

DIN No.:

01441178

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	U24110MH1983PTC030449	KUSA CHEMICALS PRIVATE LIMITED	Director	19/07/1983	19/07/1983	-	Active	NO
2	U25209GJ1996PTC029335	KRISHNA BARRELS PRIVATE LIMITED	Additional director	25/03/2010	25/03/2010	20/09/2010	Active	NO

Name :

Ms. Namrata Ishwarbhai Patel

Designation :

Director

Address :

501, Sea Princes Apartment, Plot No. 20, Juhu Tara Road, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

02.11.1978

Date of Appointment :

01.08.2000

DIN No.:

01930711

Name :

Mrs. Ratnavali Ishwarbhai Patel

Designation :

Director

Address :

601, Sea Princes Apartment, Plot No. 20, Juhu Tara Road, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

30.07.1955

Date of Appointment :

05.06.2006

PAN No.:

AACPP4142J

DIN No.:

01930747

Name :

Mr. Vikesh Ishwarbhai Patel

Designation :

Director

Address :

501, Sea Princes Apartment, Plot No. 20, Juhu Tara Road, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

19.04.1981

Date of Appointment :

18.12.2006

PAN No.:

AGDPP0122F

DIN No.:

01930777

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	U24110MH1983PTC030449	KUSA CHEMICALS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	-	Active	NO
2	U25209GJ1996PTC029335	KRISHNA BARRELS PRIVATE LIMITED	Additional director	25/03/2010	25/03/2010	20/09/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Atul Shinde
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Ishwar V. Patel	75280	45.71
Ratnavali Patel	43492	26.41
Namrata Patel	700	0.43
Vikesh Patel	700	0.43
Ishwarbhai V. Patel - HUF	44510	27.03
Total	164682	100.00

As on 18.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Chemicals and Additives.
Exports :
Products :	Lube Oil Additives such as Pour Point Depressants (PPD) and Viscosity Index Improvers (VII)
Countries :	· Germany · Dubai
Imports :
Products :	Raw Material
Countries :	· Thailand · Indonesia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

· Castrol India Limited

· Hindustan Petroleum Corp. Limited

· Indian Oil Corp. Limited

· Bharat Petroleum Corp. Limited

· Bharat Shell Limited

· Wyeth Limited

· Colgate Palmolive India Limited

· Nipa Chemicals Limited

· Valvoline Cummins Limited

· Hi Shine Inks Private Limited

· Aventis Pharma Limited

· Marico Limited

· Lanxess ABS

· Avalon Cosmetics Private Limited

· Reckittbenckiser

· Ciba Specialty Chemicals

· Total Fina Elf India Limited

· Tide Water Oil Co. I. Limited

· Lubrizol India Limited

· Indian Petrochemicals Limited

No. of Employees :

50 (Approximately)

Bankers :

Citibank N. A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand From banks	32.603	3.379
Total	32.603	3.379

Banking Relations :	--
Auditors :
Name :	Vasani and Thakkar Chartered Accountants
Address :	3 Radha Apartment, 1^st Floor, Teli Galli, Andheri (East), Mumbai – 400069, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFV1277E

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
164682	Equity Shares	Rs.100/- each	Rs.16.468 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.468	16.468	16.468
(b) Reserves & Surplus	253.539	227.548	181.325
(c) Money received against Share Warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	270.007	244.016	197.793
(3) Non-Current Liabilities
(a) long-term Borrowings	38.550	27.650	49.385
(b) Deferred Tax Liabilities (Net)	0.000	0.000	0.000
(c) Other Long Term Liabilities	56.038	43.472	42.340
(d) long-term Provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	94.588	71.122	91.725
(4) Current Liabilities
(a) Short Term Borrowings	32.603	3.379	16.841
(b) Trade Payables	0.000	0.000	0.000
(c) Other Current Liabilities	20.304	22.898	5.125
(d) Short-term Provisions	45.400	31.122	32.195
Total Current Liabilities (4)	98.307	57.399	54.161
TOTAL	462.902	372.537	343.679
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	116.990	105.728	97.124
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital Work-in-Progress	0.000	5.588	0.000
(iv) Intangible assets under Development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred Tax Assets (net)	3.232	2.699	2.194
(d) Long-term Loan and Advances	69.290	52.948	27.530
(e) Other Non-current Assets	159.999	5.816	5.575
Total Non-Current Assets	349.511	172.779	132.423
(2) Current assets
(a) Current Investments	0.000	0.000	0.000
(b) Inventories	82.260	76.014	86.775
(c) Trade Receivables	12.996	100.632	101.360
(d) Cash and Cash Equivalents	12.289	8.183	7.748
(e) Short-term Loans and Advances	3.785	9.565	7.261
(f) Other Current Assets	2.061	5.364	8.112
Total Current Assets	113.391	199.758	211.256
TOTAL	462.902	372.537	343.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		101.541	66.881	53.258
Less/ Add	DEPRECIATION/ AMORTISATION		15.165	14.334	13.112
	PROFIT/ (LOSS) BEFORE TAX		86.376	52.547	40.146
Less	TAX		27.298	17.065	13.205
	PROFIT/ (LOSS) AFTER TAX		59.078	35.482	26.941
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		215.353	169.129	146.208
Add/ Less	INCOME TAX OF EARLIER YEARS		1.364	10.741	(4.020)
Less	APPROPRIATIONS
		Interim Dividend Paid (Incl. CDT)	34.452	0.000	0.000
		Transfer to Reserve	5.908	0.000	0.000
	BALANCE CARRIED TO THE B/S		235.435	215.352	169.129
	EARNINGS IN FOREIGN CURRENCY		162.105	162.635	101.917
	Earnings / (Loss) Per Share (Rs.)		358.74	215.45	163.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	18.79	14.43	11.76
Return on Investment (ROI) (PBT/Networth)		0.32	0.22	0.20
Debt Equity Ratio (Total Debt/Networth)		0.26	0.13	0.33
Current Ratio (Current Asset/Current Liability)		1.15	3.48	3.90

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	16.468	16.468	16.468
Reserves & Surplus	181.325	227.548	253.539
Net worth	197.793	244.016	270.007
long-term borrowings	49.385	27.650	38.550
Short term borrowings	16.841	3.379	32.603
Total borrowings	66.226	31.029	71.153
Debt/Equity ratio	0.335	0.127	0.264

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	No
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	-----
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]	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10073175	30/06/2011 *	60,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN DRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B16529844
2	90107510	29/03/1995 *	2,700,000.00	BANK OF BARODA	STATION ROAD, GODHRA, GUJARAT, INDIA	-
3	90113095	09/09/1993	2,700,000.00	BANK OF BARODA	STATION ROAD, GODHRA, GUJARAT, INDIA	-
4	90108738	25/03/1995 *	1,200,000.00	BANK OF BARODA	STATION ROAD, GODHRA, GUJARAT, INDIA	-
5	90164901	06/03/1991 *	1,100,000.00	BANK OF BARODA	STATION ROAD BRANCH, GODHRA, MAHARASHTRA, INDIA	-
6	90164873	10/01/1990	800,000.00	BANK OF BARODA	STATION ROAD BRANCH, GODHRA, MAHARASHTRA, INDIA	-
7	90164842	22/02/1989	300,000.00	BANK OF BARODA	STATION ROAD BRANCH, GODHRA, MAHARASHTRA, INDIA	-
8	90164835	25/11/1988	3,200,000.00	BANK OF BARODA	STATION ROAD BRANCH, GODHRA, MAHARASHTRA, INDIA	-
9	90164786	18/02/1987	5,600,000.00	BANK OF BARODA	STATION ROAD BRANCH, GODHRA, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related parties I V Patel (HUF)	1.900	1.900
Other loans and advances Unsecured from Directors
Vikesh I. Patel	5.400	0.000
Namrata I. Patel	12.700	11.200
Ratnavaliben I. Patel	14.000	12.500
Ishwarbhai V. Patel	4.550	2.050
Total	38.550	27.650

NOTE

The registered office of the company has been shifted from 15/19, J K Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 22.04.2013.

GENERAL INFORMATIONS

Subject is primarily engaged in the business of Manufacturing of chemicals and additives used by different industries viz. petroleum, textile, pharmacutical etc. The Company through its research and development department tries to manufacture eco friendly products and the directors of the company have contributed majorly for such innovations. The company is an ISO certified company.

PERFORMANCE REVIEW

Export sales during the year are increased as compared to the immediate preceding previous year to the total turnover of current year. The company also expects to increase the volume in the future by more then current figures. It also looks forward to introduce new environment friendly products. Moreover the company is taking initiative for efficient water usage techniques in production activities, and has already done necessary changes in techniques and by adding new technology which will help in saving lot of water.

The Company had distributed an Interim Dividend of Rs. 180 per equity share of Rs.100 each in March, 2013. The outgo for the Current year amounts to Rs. 34.452 Millions including Dividend Distribution Tax of Rs. 4.809 Millions.

To accelerate further value creation, the Company continues to evaluate new areas of growth. Their products are focused on innovation‐led business growth for their clients. They aim to optimse their cost through a culture of continuos improvement which remains their top priority.

Kusa Chemical Private Limited has inculcated a habit to be in harmony with nature and in this context, afforestation, gardens and reuse of treated water in production and agricultural activities are routine. The directos wish to place on record their appreciation for the contribution made by employees at all level but for whose hard work, solidarity.

FIXED ASSETS

· Factory Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computers

· Cycle

· Office Premises (Mumbai)

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.59.32
UK Pound	1	Rs.99.42
Euro	1	Rs.80.32

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.