MIRA INFORM REPORT

Report No. :	338632
Report Date :	28.08.2015

IDENTIFICATION DETAILS

Name :	LANXESS INDIA PRIVATE LIMITED

Registered Office :	LANXESS House, Plot No.A-162-164, Road No.27, Wagle Estate, Opposite ITI College, MIDC, Thane (West), Thane – 400 604, Maharashtra
Tel. No.:	91-22-25871000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	20.02.2004

Com. Reg. No.:	11-158377

Capital Investment / Paid-up Capital :	Rs.7415.190 million

CIN No.: [Company Identification No.]	U24119MH2004PTC158377

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	PNEL03844B

PAN No.: [Permanent Account No.]	AACCB3880A

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is mainly engaged in manufacturing and trading of various chemical and chemical intermediates.

No. of Employees :	954 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is a subsidiary of Lanxess Deutschland GmbH, Germany. It is an established company incorporated during the year 2004 having a moderate track record. The rating is constrained on account of continuous losses incurred by the company, which has further resulted into deterioration of reserves. However, trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Deepak Paduale
Designation :	Head of Treasury Department
Contact No.:	91-22-25871000
Date :	27.08.2015

LOCATIONS

Registered Office/ Factory 1 :	LANXESS House, Plot No.A-162-164, Road No.27, Wagle Estate, Opposite ITI College, MIDC, Thane (West), Thane – 400 604, Maharashtra, India
Tel. No.:	91-22-25871000/ 25311234/ 21729200
Fax No.:	91-22-25455039/ 25826348
Email :	sreeram.venkey@lanxess.com infoindia@lanxess.com
Website :	http://www.lanxess.com
Location:	Owned
Locality :	Commercial

Factory 2 :	29/3, Valayankulam Village, Aruppukottai Road, Madurai – 625 022, Tamilnadu, India

Factory 3 :	Post Birlagram, Nagda, District Ujjain – 456 331, Madhya Pradesh, India
Tel. No.:	91-7366-245104/ 245104/ 245447/ 248735
Fax No.:	91-7366-246283

Factory 4 :	Plot No.748/2/A, GIDC, Jhagadia Industrial Estate, District Bharuch – 393 110, Gujarat, India
Tel. No.:	91-2645-226800

Sales Office :	Located at: · Chennai · New Delhi

DIRECTORS

AS ON 12.09.2014

Name :	Jacques Louis Albert Perez
Designation :	Managing Director
Address :	Flat No.202, Odyssey 2, 2^nd Floor, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	26.04.1962
Date of Appointment :	26.08.2013
DIN No. :	06548546

Name :	Dr. Rainier Arnold Quirinus Maria van Roessel
Designation :	Director
Address :	Merkel Weg, 1A, Bergisch Gladbach, Bergisch Gladbach – 51427, Germany
Date of Birth/Age :	04.08.1957
Date of Appointment :	30.08.2007
DIN No.:	01599378

Name :	Mr. Neelanjan Sarojkumar Banerjee
Designation :	Whole-time Director
Address :	2401, 24^th Floor, Hiranandani Meadows, Northside Building, Gladys Alwares Road, Off Pokhran Road No.2, Thane (West) – 400 610, Maharashtra, India
Date of Birth/Age :	02.03.1973
Date of Appointment :	09.08.2010
PAN No.:	ADIPB2496A
DIN No.:	02743360

Name :	Dr. Dattaprasad Govind Talekar
Designation :	Director
Address :	Flat No.403, Building No.3, Wimbledon Park, Pokhran Road No.1, Opposite JK School, Thane – 400 602, Maharashtra, India
Date of Birth/Age :	28.08.1957
Date of Appointment :	10.03.2005
DIN No.:	00012595
PAN No.:	AAZPT5132B

Name :	Mr. Kugalur Ramsesha Venkata Subrahmanian
Designation :	Director
Address :	8, Rushilla, 17C, Carmichael Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	26.09.1933
Date of Appointment :	17.06.2004
DIN No.:	00005292

KEY EXECUTIVES

Name :	Mr. Sreeram Venkey
Designation :	Secretary
Address :	8, Siddhivinayaka Vignahara CHS Limited, Chedda Nagar, Chembur, Mumbai – 400089, Maharashtra, India
Date of Birth/Age :	03.07.1962
Date of Appointment :	01.07.2004
PAN No.:	AABPV4846Q

Name :	Mr. Deepak Paduale
Designation :	Head of Treasury Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.09.2014

Names of Equity Shareholders		No. of Shares
Lanxess Deutschland GmbH, Germany		655118842
Lanxess Deutschland GmbH, Germany Jointly With Sreeram Venkey		3
Lanxess Deutschland GmbH, Germany Jointly With Dattaprasad Talekar		1
Total		655118846

Names of Preference Shareholder

No. of Shares

Lanxess Deutschland GmbH, Germany

86400000

Total

86400000

AS ON 12.09.2014

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]		100.00

BUSINESS DETAILS

Line of Business :

Subject is mainly engaged in manufacturing and trading of various chemical and chemical intermediates.

Products :

Product Description	ITC Code No.
Benzaldehyde	2912
Benzyl Alcohol	2906
Thionyl Chloride	2812

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

954 (Approximately)

Bankers :

Banker Name	Bank of America
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Citibank

· Deutsche Bank

Auditors :
Name :	Sharp and Tannan Associates Chartered Accountants
Address :	87, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFS1034J

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	LANXESS Deutschland GmbH, Germany

Ultimate Holding Company:	LANXESS AG, Germany

Fellow Subsidiaries :	LANXESS (Changzhou) Company Limited, China LANXESS (Liyang) Polyols Company Limited, China LANXESS (Pty.) Limited, South Africa LANXESS Buna GmbH, Germany LANXESS Butyle Pte. Limited , Singapore LANXESS Central Eastern Europe s.r.o., Slovakia LANXESS Chemical (China) Company Limited, China LANXESS Chemicals S.L., Spain LANXESS Corporation, USA LANXESS Distribution GmbH, Germany LANXESS Elastomeres SAS, France LANXESS Elastômeros do Brazil SA, Brazil LANXESS Elastomers B.V., Netherlands LANXESS Emulsion Rubber S.A.S., France LANXESS Hong Kong Limited, Hong Kong LANXESS Industria de Produtos Quimicos e Plasticos Ltda., Brazil LANXESS International S.A., Switzerland · LANXESS K.K., Japan LANXESS Kimya Ticaret Limited, Turkey LANXESS Korea Limited, South Korea LANXESS Limited, United Kingdom LANXESS N.V., Belgium LANXESS Pte. Limited, Singapore LANXESS Pty Limited, Australia LANXESS S.A. de C.V., Mexico LANXESS S.A., Argentina LANXESS S.A.S., France LANXESS S.R.L., Italy LANXESS Shanghai Pigments Co. Limited, China LANXESS Sybron Chemicals Inc., USA LANXESS Wuxi Chemical Company Limited, China OOO Lanxess – Russia PCTS Speciality Chemicals Pte Limited Perlon-Monofil GmbH, Germany Rhein Chemie (Qingdao) Co. Limited, China Rhein Chemie Argentina S.A., Argentina Rhein Chemie Corporation, USA Rhein Chemie Japan Limited, Japan Rhein Chemie Rheinau GmbH, Germany Rhein Chemie Uruguay S.A., Uruguay Saltigo GmbH, Germany

CAPITAL STRUCTURE

AFTER 12.09.2014

Authorised Capital : Rs.13566.510 million

Issued, Subscribed & Paid-up Capital : Rs.10921.123 million

AS ON 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
850000000	Equity Shares	Rs.10/- each	Rs.8500.000 million
150000000	Preference Shares	Rs.10/- each	Rs.1500.000 million
	Total		Rs.10000.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
655118846	Equity Shares	Rs.10/- each	Rs.6551.188 million
86400000	Preference Shares	Rs.10/- each	Rs.864.000 million
	Total		Rs.7415.188 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	7415.190	7415.190	5496.090
(b) Reserves & Surplus	552.810	562.810	866.000
(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)	7968.000	7978.000	6362.090

(3) Non-Current Liabilities
(a) long-term borrowings	3608.000	5180.000	4323.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	17.000	291.000	564.000
(d) long-term provisions	62.000	50.000	53.000
Total Non-current Liabilities (3)	3687.000	5521.000	4940.000

(4) Current Liabilities
(a) Short term borrowings	1332.000	1688.000	1936.000
(b) Trade payables	1075.000	880.000	1170.000
(c) Other current liabilities	2949.000	777.000	1124.000
(d) Short-term provisions	239.000	261.000	199.000
Total Current Liabilities (4)	5595.000	3606.000	4429.000

TOTAL	17250.000	17105.000	15731.090

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7226.000	7761.000	6957.000
(ii) Intangible Assets	661.000	827.000	1000.000
(iii) Capital work-in-progress	508.000	312.000	1009.090
(iv) Intangible assets under development	0.000	0.000	4.000
(b) Non-current Investments	11.000	11.000	11.000
(c) Deferred tax assets (net)	537.000	559.000	479.000
(d) Long-term Loan and Advances	723.000	767.000	1175.000
(e) Other Non-current assets	1.000	2.000	4.000
Total Non-Current Assets	9667.000	10239.000	10639.090

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3200.000	2472.000	1951.000
(c) Trade receivables	3128.000	3006.000	1960.000
(d) Cash and cash equivalents	141.000	315.000	305.000
(e) Short-term loans and advances	1113.000	1069.000	873.000
(f) Other current assets	1.000	4.000	3.000
Total Current Assets	7583.000	6866.000	5092.000

TOTAL	17250.000	17105.000	15731.090

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	16167.000	13225.000	9964.000
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES		NA	NA	NA

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1850.000	1210.000	572.000

Less	FINANCIAL EXPENSES		739.000	694.000	497.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1111.000	516.000	75.000

	EXCEPTIONAL ITEMS		0.000	170.000	174.000

Less	DEPRECIATION/ AMORTISATION		1099.000	1017.000	861.000

	PROFIT / (LOSS) BEFORE TAX		12.000	(331.000)	(612.000)

Less	TAX		22.000	(28.000)	252.000

	PROFIT / (LOSS) AFTER TAX		(10.000)	(303.000)	(864.000)

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	6187.000	5354.000	3552.000
		Indenting Commission	306.000	269.000	254.000
		Marketing Services	22.000	19.000	16.000
		Sale of Information Technology Services	125.000	134.000	102.000
		Other Earnings	142.000	15.000	1.000
	TOTAL EARNINGS		6782.000	5791.000	3925.000

	IMPORTS
		Raw Materials	4106.000	3045.000	1502.000
		Packing Materials	21.000	15.000	24.000
		Stores, Spares and Components	16.000	23.000	15.000
		Traded Goods	2629.000	2113.000	1731.000
		Capital Goods	45.000	43.000	404.000
	TOTAL IMPORTS		6817.000	5239.000	3676.000

	Earnings Per Share (Rs.)		(0.02)	(0.41)	(1.99)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	2270.000	0.000	525.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	1060.000	(15.000)	35.000
Net cash flows from (used in) operating activities	1041.000	(345.000)	59.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(0.06)	(2.29)	(8.67)

Operating Profit Margin (PBDIT/Sales)	(%)	11.44	9.15	5.74

Return on Total Assets (PBT/Total Assets}	(%)	0.07	(2.04)	(4.30)

Return on Investment (ROI) (PBT/Networth)		0.00	(0.04)	(0.10)

Debt Equity Ratio (Total Debt /Networth)		0.90	0.86	1.07

Current Ratio (Current Asset/Current Liability)		1.36	1.90	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	5496.090	7415.190	7415.190
Reserves & Surplus	866.000	562.810	552.810
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6362.090	7978.000	7968.000

Long-term borrowings	4323.000	5180.000	3608.000
Short term borrowings	1936.000	1688.000	1332.000
Current Maturities of Long term debt	525.000	0.000	2270.000
Total borrowings	6784.000	6868.000	7210.000
Debt/Equity ratio	1.066	0.861	0.905

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Revenue from operations	9964.000	13225.000	16167.000
		32.728	22.246

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Revenue from operations	9964.000	13225.000	16167.000
Profit	(864.000)	(303.000)	(10.000)
	(8.67%)	(2.29%)	(0.06%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity-Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Case Details

	Bench:-Bombay
	Presentation Date:- 23/01/2014

Lodging No.:-

ITXAL/270/2014

Filing Date:-

23/01/2014

Reg. No.:-

ITXA/334/2014

Reg. Date:-

18/02/2014

Petitioner:-

COMMISSIONER ON INCOME TAX I -

Respondent:-

LANXESS INDIA PRIVATE LIMITED

Petn. Adv.:-

SURESH KUMAR (I2100)

District:-

THANE

Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	TAX APPEALS
Next Date:-	07/10/2015	Stage:-
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST

Act :-

Income Tax Act, 1961

Under Section:-

260A

UNSECURED LOAN

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term loans from banks	0.000	455.000
Loans and advances from related parties	3608.000	4725.000
SHORT TERM BORROWINGS
Term loans from banks	850.000	500.000
Loans repayable on demand	482.000	1188.000
Total	4940.000	6868.000

INDEX OF CHARGES:

No Charges Exist for Company.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Goodwill

· Computer software

· Copyrights, patents and other operating rights

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.66.06
UK Pound	1	Rs.102.35
Euro	1	Rs.74.97

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	DIV

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--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	NO
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.

MIRA INFORM REPORT

INDEX OF CHARGES:

Unit