MIRA INFORM REPORT

Report No. :	302469
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	AQUATECH SYSTEMS (ASIA) PRIVATE LIMITED
Registered Office :	S No. 244/2, Rajiv Gandhi Infotech Park, Hinjewadi, Pune – 411057, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.10.1986
Com. Reg. No.:	11-013151
Capital Investment / Paid-up Capital :	Rs. 15.992 Millions
CIN No.: [Company Identification No.]	U29197PN1986PTC013151
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCA1850C
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Exporter of Waste Water Treatment Plant and also providing Installation Services and EPC Services.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Aquatech International Corporation U.S. It is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CRISIL
Rating	Long term rating = BBB
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	May 2, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3+
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	May 2, 2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Aniket Jain
Designation :	Finance Officer
Contact No.:	91-8888814288
Date :	07.01.2014

LOCATIONS

Registered Office :	S No. 244/2, Rajiv Gandhi Infotech Park, Hinjewadi, Pune – 411057, Maharashtra, India
Tel. No.:	91-20-66547000
Mobile No.:	91-8888814288 (Mr. Aniket)
Fax No.:	91-20-66547070
E-Mail :	purohitd@aquatech.com asa@aquatech.com jaina@aquatech.com
Website :	http://www.aquatech.com
Area :	20000 Sq. ft. [Approx.]
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ramesh Chandra Jaitly

Designation :

Director

Address :

Flat No. 4, Garud Heritage, S.No.260/2/10, Building D, Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

30.04.1936

Date of Appointment :

14.09.2010

PAN No.:

ACRPJ9345E

DIN No.:

00909244

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29197PN1986PTC013151	AQUATECH SYSTEMS (ASIA) PRIVATE LIMITED	Director	14/09/2010	11/10/2001	Active	NO
2	U41000MH1970PTC014995	QUA WATER TECHNOLOGIES PRIVATE LIMITED	Director	13/09/2010	17/07/2009	Active	NO
3	U74900PN2013PTC146708	AQUATECH ENVIRONMENTAL SERVICES PRIVATE LIMITED	Additional director	02/09/2013	02/09/2013	Active	NO
4	U41000PN2013PTC146678	AQUATECH WATER SOLUTIONS PRIVATE LIMITED	Additional director	02/09/2013	02/09/2013	Active	NO

Name :

Mr. Devesh Sharma

Designation :

Director

Address :

55, Apploosa Lane, P.A., Washington 15301, United States of America

Date of Birth/Age :

27.01.1977

Date of Appointment :

27.09.1995

PAN No.:

DIVPS8070Q

DIN No.:

01877997

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29197PN1986PTC013151	AQUATECH SYSTEMS (ASIA) PRIVATE LIMITED	Director	27/09/1995	27/09/1995	Active	NO
2	U41000MH1970PTC014995	QUA WATER TECHNOLOGIES PRIVATE LIMITED	Director	13/09/2010	17/07/2009	Active	NO
3	U24231PN2001PTC015940	WEX TECHNOLOGIES PRIVATE LIMITED	Director	05/05/2011	05/05/2011	Active	NO
4	U41000PN2013PTC146678	AQUATECH WATER SOLUTIONS PRIVATE LIMITED	Director	21/03/2013	21/03/2013	Active	NO
5	U74900PN2013PTC146708	AQUATECH ENVIRONMENTAL SERVICES PRIVATE LIMITED	Director	22/03/2013	22/03/2013	Active	NO

Name :

Chandra Prabha Sharma

Designation :

Director

Address :

55, Apploosa Lane, P.A., Washington 15301, United States of America

Date of Birth/Age :

02.06.1943

Date of Appointment :

01.09.1993

DIN No.:

02066117

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29197PN1986PTC013151	AQUATECH SYSTEMS (ASIA) PRIVATE LIMITED	Director	01/09/1993	01/09/1993	Active	NO
2	U41000MH1970PTC014995	QUA WATER TECHNOLOGIES PRIVATE LIMITED	Director	13/09/2010	17/07/2009	Active	NO

Name :

Mr. Venkatesh Nath Sharma

Designation :

Director

Address :

55, Apploosa Lane, P.A., Washington 15301, United States of America

Date of Birth/Age :

01.09.1966

Date of Appointment :

01.09.1993

DIN No.:

02744556

KEY EXECUTIVES

Name :	Mr. Aniket Jain
Designation :	Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Sharma R. Jatindranath	1
Aquatech International Corpn, USA	1244613
Jaitlu Chandra Ramesh	1
Total	1244615

Names of Preference Shareholder	No. of Shares
Aquatech International Corpn, USA	354570
Total	354570

AS ON 30.09.2014

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]	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Exporter of Waste Water Treatment Plant and also providing Installation Services and EPC Services.

Products/ Services :

ITC Code No.	Product Descriptions
99532533	Water Treatment Plant

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Waste Water Treatment Plant

Countries :

· USA

· UAE

· China

· Saudi Arabia

Imports :

Products :

Spare Parts

Countries :

· USA

· Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Siemens India Limited

Customers :

Wholesalers and Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Tata Power

· Reliance India Limited

No. of Employees :

250 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Industrial Finance Branch, Tara Chambers, Mumbai-Pune Road, Wakdewadi, Pune - 411003, Maharashtra, India
Person Name (with Designation):	Mr. Alfred [Deputy Manager]
Contact Number:	91-7387535559
Name of Account Holder:	Aquatech Systems (Asia) Private Limited
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	8 Years
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Fund based = Rs. 200.000 Millions Non-fund based = Rs. 1450.000 Millions Corporate Loan = Rs. 150.000 Millions
Account Operation:	Satisfactory
Remarks: Company has good track record. No negative remark against them.

· State Bank of India

Indiranagar, Bangalore - 560008, Karnataka, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· ICICI Bank Limited

Bund Garden Branch

Fund and Non-fund based = Rs. 940.000 Millions

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Foreign currency term loans from banks	128.574	22.062
SHORT TERM BORROWINGS
Working capital loans from banks [Hypothecation of 1^st charge on pari-passu on stock and book debts, Fixed Assets, and corporate Guarantee from AIC]	349.951	242.147
Total	478.525	264.209

Auditors :
Name :	Ashok Kumar, Prabhashankar and Company Chartered Accountants
Address :	S-2, Narayana, 25, Mission Road, Shama Rao Compound, Bangalore – 560027, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAKFA0917E
Holding company :	Aquatech International Corporation
Subsidiary company :	· Aquatech Eastern (FZE) · Qua Water Technologies Private Limited [U41000MH1970PTC014995] · Wex Technologies Private Limited [U24231PN2001PTC015940] · Aquatech (HK) Water Treatment Limited
Associates :	· Aquatech (Guangzhou) Water Treatment Co. China · Aquatech Water Solutions Private Limited [U41000PN2013PTC146678]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,645,430	Equity Shares	Rs. 10/- each	Rs. 16.454 Millions
354,570	Preference Shares	Rs. 10/- each	Rs. 3.546 Millions
	Total		Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,244,615	Equity Shares	Rs. 10/- each	Rs. 12.446 Millions
354,570	Preference Shares	Rs. 10/- each	Rs. 3.546 Millions
	Total		Rs. 15.992 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	15.992	15.992	15.992
(b) Reserves & Surplus	438.985	419.001	397.490
(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)	454.977	434.993	413.482
(3) Non-Current Liabilities
(a) Long-term borrowings	128.663	22.151	86.303
(b) Deferred tax liabilities (Net)	29.164	34.722	17.302
(c) Other long term liabilities	45.000	45.000	45.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	202.827	101.873	148.605
(4) Current Liabilities
(a) Short term borrowings	349.951	242.147	211.592
(b) Trade payables	108.283	250.045	296.670
(c) Other current liabilities	1042.479	593.702	332.794
(d) Short-term provisions	140.408	110.816	0.000
Total Current Liabilities (4)	1641.121	1196.710	841.056
TOTAL	2298.925	1733.576	1403.143
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.672	219.215	247.224
(ii) Intangible Assets	2.555	3.772	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	217.099	217.299	216.999
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	55.517	94.527	2.404
Total Non-Current Assets	462.843	534.813	466.627
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	115.238	82.636	65.412
(c) Trade receivables	127.565	119.222	219.359
(d) Cash and cash equivalents	102.131	68.694	188.041
(e) Short-term loans and advances	627.723	617.645	333.607
(f) Other current assets	863.425	310.566	130.097
Total Current Assets	1836.082	1198.763	936.516
TOTAL	2298.925	1733.576	1403.143

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	2172.026	1440.226	1165.052
Less	EXPENSES
		TOTAL (B)	2147.416	1412.269	1105.858
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.610	27.957	59.194
Less	FINANCIAL EXPENSES (D)		0.000	-0.077	2.068
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.610	28.034	57.126
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		24.610	28.034	57.126
Less	TAX (H)		6.119	8.847	19.303
	PROFIT AFTER TAX (G-H) (I)		18.491	19.187	37.823
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	411.170	794.676
		Export of service on FOB basis	194.330	178.817
	TOTAL EARNINGS		605.500	973.493	649.782
	Earnings Per Share (Rs.)		11.56	12.00	23.65

Expected Sales (2014-2015): Rs. 2500.000 Millions

The above information has been parted by Mr. Aniket Jain [Finance Officer]

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.18	1.85	4.82
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.14
Debt Equity Ratio (Total Debt/Networth)		1.05	0.61	0.72
Current Ratio (Current Asset/Current Liability)		1.12	1.00	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.992	15.992	15.992
Reserves & Surplus	397.490	419.001	438.985
Net worth	413.482	434.993	454.977
Long-term borrowings	86.303	22.151	128.663
Short term borrowings	211.592	242.147	349.951
Total borrowings	297.895	264.298	478.614
Debt/Equity ratio	0.720	0.608	1.052

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1165.052	1440.226	2172.026
		23.619	50.811

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1165.052	1440.226	2172.026
Profit	37.823	19.187	18.491
	3.25%	1.33%	0.85%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	Yes
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10369580	17/06/2013 *	2,590,000,000.00	STATE BANK OF INDIA - LEAD BANK	INDUSTRIAL FINANCE BRANCH,TARA CHAMBERS, WAKDEWADI, MUMBAI-PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA	B79594966
2	10310786	05/10/2011	800,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B22795850
3	90088204	12/12/2013 *	2,830,400,000.00	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH LEAD  BANK	2ND FLOOR TARA CHAMBERS,NEAR MARIAAIPOLICE CHOWKY, OLD PUNE MUMBAI HIGHWAY, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA	B94667136
4	90090992	23/07/1999	40,000,000.00	STATE BANK OF INDIA	INDL FINANCE BR., PUNE, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	0.089	0.089
Total	0.089	0.089

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· 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 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] 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. 62.40
UK Pound	1	Rs. 94.17
Euro	1	Rs. 73.61

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.