MIRA INFORM REPORT

Report Date :

02.08.2011

IDENTIFICATION DETAILS

Name :	KULKARNI POWER TOOLS LIMITED [From 1994]
Formerly Known As :	KULKARNI BLACK AND DECKER
Registered Office :	At and Post Shirol, Dist. Kolhapur, Shirol – 416 103, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.07.1976
Com. Reg. No.:	19147
Capital Investment / Paid-up Capital :	Rs. 17.000 Millions
CIN No.: [Company Identification No.]	L29130MH1976PLC019147
TAN No.: [Tax Deduction & Collection Account No.]	KLPK01344A
PAN No.: [Permanent Account No.]	AAACK7368Q
Legal Form :	Public Limited Liability Company. Company’s shares are listed on the Stock Exchange.
Line of Business :	Manufacturer, Exporter, Importer and Supplier of Precision Industrial Blowers and Fans.
No. of Employees :	350 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1030000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established and reputed company having fine track. Financial position of the company appears to be sound. Fundamentals are strong and healthy. Payments are reported to be regular and as per commitments. The company can be considered for normal 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.

INFORMATION PARTED BY

Name :	Mr. Sunil
Designation :	Accounts Department
Contact No. :	91-2322-661500
Date :	29.07.2011

LOCATIONS

Registered Office :	At and Post Shirol, Dist. Kolhapur, Shirol – 416 103, Maharashtra, India
Tel. No.:	91-2322-661500
Fax No.:	91-2322-661546
E-Mail :	kptl@sancharnet.in kptho@vsnl.net
Website :	www.kpt.co.in
Location :	Owned
Factory :	5/102, Reha Apartment, Near LIC Office, Aundh Road, Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-25812724 / 25812725
Fax No.:	91-20-25812725

DIRECTORS

As on : 31.03.2011

Name :	Mr. S.N. Inamdar
Designation :	Chairman
Name :	Mr. Sanjay Kirloskar
Designation :	Director
Address :	33 Suyojana Co. Op Society Scheme No.II Koregaonpark, Pune – 411001, Maharashtra, India
Date of Birth/Age :	22.03.1957
Date of Appointment :	30.09.2009
Name :	Mr. Madhav Apte
Designation :	Director
Address :	24B, Woodland Apartment, Peddar Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	05.10.1932
Date of Appointment :	26.08.1976
Name :	Mr. Darius Shroff
Designation :	Director
Address :	Moonlight Flat No.8 158 M, Karve Road, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	08.08.1944
Date of Appointment :	30.03.1995
Name :	Mr. Prakash Kulkarni
Designation :	Vice Chairman and Managing Director
Address :	CS No. 8795, Sangli Miraj Road, Vishrambag Sangli, Maharashtra – 416415, India
Date of Birth/Age :	16.07.1942
Date of Appointment :	30.07.1976
Name :	Mr. Sri Krishna Inamdar
Designation :	Director
Address :	2A, Ameya Apartments, 1193-B, Krishinath Dhuru Road, Dadar – Mumbai – 400028, Maharashtra, India
Date of Birth/Age :	06.04.1945
Date of Appointment :	27.11.1992
Name :	Mr. Shishir Shirgaokar
Designation :	Director
Address :	12, Kostka House, 31 Pali Road Bandra West, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	25.01.1945
Date of Appointment :	29.09.2001
Name :	Mr. Dilip Kulkarni
Designation :	Executive Director
Address :	CS 14A, 1A East Side, Vishalgadkar Compound, Kolhapur, Mumbai – 416003, Maharashtra, India
Date of Birth/Age :	14.06.1949
Date of Appointment :	26.07.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Category of Shareholder	No. of Shares	Percentage of Holding
Shareholding of Promoter and Promoter Group^2
Indian
Individuals/ Hindu Undivided Family	263896	7.76
Bodies Corporate	778812	22.91
Any other
Trust	334920	9.85
Foreign
Individuals (Non-Residents Individuals/ Foreign Individuals)	127012	3.74
Public shareholding
(1)Institutions
Financial Institutions	200	0.01
Non-institutions
Bodies Corporate	274639	8.08
Individuals
Individuals -i. Individual shareholders holding nominal share capital up to Rs 0.100 Million	1414517	41.60
ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	174000	5.12
Any Other [Specify]	32004	0.94
Clearing Members	15576	0.46
Non Resident Indians	16428	0.48
Sub Total	1895160	55.74
Total Public Shareholding (B)	1895360	55.75
Total (A)+(B)	3400000	55.75
GRAND TOTAL (A)+(B)+(C)	3400000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer and Supplier of Precision Industrial Blowers and Fans.

Products :

Item Code No. (ITC Code)	84672100
Product Description	Drills
Item Code No. (ITC Code)	84672900
Product Description	Grinders
Item Code No. (ITC Code)	84672900
Product Description	Sanders
Item Code No. (ITC Code)	84145930
Product Description	Root Blowers

Brand Names :

Postmaster

Exports :

Product :

Industrial Blowers

Countries :

Nigeria

Import :

Product :

Raw Material

Country :

China

Terms

Purchasing Terms :

L/C, Cash, Credit

Selling Terms :

L/C, Cash, Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity
Portable Power Tools	--	Refer Note below
Blowers	--	Refer Note below
Electricity	KWH per annum	4,100,000

Notes :

1. Most of the Plant and Machinery being common for different products manufactured by the Company and Installed Capacity being dependent on product mix, which, in turn, is decided by the actual demand for various products, from time to time, and also on availing subcontracting facilities, it is not feasible for the Company to indicate the exact Installed Capacity.

2. The Company does not require license to manufacture the items produced by it.

Production As on 31.03.2011

Product	Unit	Quantity
Portable Power Tools	Nos.	225,811
Blowers	Nos.	1,064
Electricity	KWH	2,567,938

GENERAL INFORMATION

Customers :

· Reliance Industries

· Larson and Toubro

· Crompton Greaves

· Siemens

· Bieco Lawrie

· Defense Establishments, and many more spread all over the India

· End Users

· OEM’s

No. of Employees :

350 [Approximately]

Bankers :

· Bank of Maharashtra, Sagli, Maharashtra, India

· IDBI Bank Limited, Sangli, Maharashtra, India

· Shri Mahalaxmi Co-operative Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In millions	31.03.2010 Rs. In millions
Loans and advances from Banks
Cash/Export Credit Facilities (Secured by hypothecation of stocks and book debts and mortgage of immovable property)	180.427	108.522
Term Loans (Secured by hypothecation of machinery purchased)	1.107	6.880
Term Loans (Secured by hypothecation of vehicles)	6.460	2.134
Term Loans (Secured by mortgage of immovable property)	26.134	31.353
Term Loans (Secured by first charge on machinery purchased and mortgage of immovable property)	112.952	135.789
Total	327.080	284.678
Out of above loans
Loans guaranteed by Managing Director	320.619	282.543
Unsecured Loans	31.03.2011 Rs. In millions	31.03.2010 Rs. In millions
Fixed deposits (Deposits from Directors Rs.nil)	16.390	3.405
Interest free sales tax loan	66.235	68.467
Short-term loans and advances:
From Others	8.818	10.455
Total	91.443	82.327

Banking Relations :	-
Auditors :
Name :	P G Bhagwat Chartered Accountant
Address :	Suite No. 101-102, “Orchard”, Dr. Pai Marg, Baner, Pune – 411 045, Maharashtra, India
Associates / Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.5/- each	Rs.50.000 millions
3,000,000	Preference Shares	Rs.10/- each	Rs.30.000 millions
	Total		Rs.80.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,400,000	Equity Shares	Rs.5/- each	Rs.17.000 millions

(Out of above 1,700,000 shares are issued as fully paid bonus shares by capitalization of share premium)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		17.000	17.000	17.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		241.772	210.862	172.604
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		258.772	227.862	189.604
LOAN FUNDS
1] Secured Loans		327.080	284.678	219.826
2] Unsecured Loans		91.443	82.327	76.449
TOTAL BORROWING		418.523	367.005	296.275
DEFERRED TAX LIABILITIES		41.669	45.644	41.067
TOTAL		718.964	640.511	526.946
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		396.794	410.293	309.979
Capital work-in-progress		0.873	0.546	14.429
INVESTMENT		0.710	0.710	0.665
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	225.544	144.375	89.585
	Sundry Debtors	230.707	193.408	142.957
	Cash & Bank Balances	24.799	18.673	27.052
	Interest accrued on investments	0.720	0.364	1.072
	Loans & Advances	44.950	40.425	47.188
Total Current Assets		526.720	397.245	307.854
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	22.173	17.629	19.216
	Sundry Creditors	154.763	131.557	76.550
	Provisions	29.197	19.097	13.699
Total Current Liabilities		206.133	168.283	109.465
Net Current Assets		320.587	228.962	198.389
MISCELLANEOUS EXPENSES		0.000	0.000	3.484
TOTAL		718.964	640.511	526.946

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	884.555	652.319	614.467
		Other Income	6.748	5.946	7.399
		TOTAL (A)	891.303	658.265	621.866
Less	EXPENSES
		Material Consumed	535.201	376.943	425.680
		Payments and benefits to employees	74.932	54.119	35.966
		Operating and Other Expenses	149.997	89.681	69.574
		Voluntary Retirement Scheme compensation amortised	0.000	3.484	3.482
		Profit on sale of land	0.000	0.000	(10.196)
		TOTAL (B)	760.130	524.227	524.506
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		131.173	134.038	97.360
Less	FINANCIAL EXPENSES (D)		38.404	29.151	29.581
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		92.769	104.887	67.779
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.733	33.555	30.236
	PROFIT BEFORE TAX (E-F) (G)		57.036	71.332	37.543
Less	TAX (I)		18.222	25.145	10.329
	PROFIT AFTER TAX (G-I) (J)		38.814	46.187	27.214
Add :	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.835	16.577	15.841
	PROFIT AVAILABLE FOR APPROPRIATION		63.649	62.764	43.055
Less:	APPROPRIATIONS :
	Proposed Dividend		6.800	6.800	3.400
	Tax on dividend		1.103	1.129	0.578
	Transfer to General Reserves		30.000	30.000	22.500
	BALANCE CARRIED TO BALANCE SHEET		25.746	24.835	16.577
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	104.934	93.226	99.623
	TOTAL EARNINGS		104.934	93.226	99.623
	IMPORTS
		Raw Materials, Components and Spares	169.282	100.136	100.531
		Capital Goods	2.444	93.126	3.081
	TOTAL IMPORTS		171.726	193.262	103.612
	Earnings Per Share (Rs.)		11.42	13.58	8.00

Expected Sales (2011-2012) : Rs.1000.000 millions

The above information has been parted by Mr. Sunil [Accounts Department]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.35	7.02	4.38
Net Profit Margin (PBT/Sales)	(%)	6.45	10.93	6.11
Return on Total Assets (PBT/Total Assets}	(%)	6.17	8.83	6.08
Return on Investment (ROI) (PBT/Networth)		0.22	0.31	0.20
Debt Equity Ratio (Total Liability/Networth)		2.41	2.35	2.14
Current Ratio (Current Asset/Current Liability)		2.55	2.36	2.81

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

Rs. in million

Sundry Creditors	31.03.2011	31.03.2010	31.03.2009
Other than Micro, Small and Medium Enterprises	154.763	131.557	76.550
Total	154.763	131.557	76.550

Contingent Liabilities

Contingent Liabilities not provided for:

Rs. in million

Particulars	31.03.2011	31.03.2010
Sales Tax	0.157	0.157
Income Tax	0.042	0.042

Form : 8

Corporate identity number of the company	L29130MH1976PLC019147
Name of the company	KULKARNI POWER TOOLS LTD
Address of the registered office or of the principal place of business in India of the company	At and Post Shirol district Kolhapur, Shirol Maharashtra – 416103, India
This form is for	Modification of charge
Type of charge	Movable Property
Particular of charge holder	TATA CAPITAL LIMITED, One Forbes, Dr V B Gandhi Marg,Fort, Mumbai – 400001, Maharashtra, India
Nature of instrument creating charge	Loan Cum Hypothecation Cum Guarantee Agreement Dated 10.11.2010
Date of instrument Creating the charge	10/11/2010
Amount secured by the charge	Rs. 3.428 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : 8.50% P.A. Terms of Repayment : 36 Monthly Installments Of Rs.0.107 millions Each Margin : Nil Extent and operation of the charge : The Loan Agreement along with costs, interest, fees and expenses and all monies in terms of this Loan Agreement is secured by Hypothecation of all Assets as specified in Annexure 1 to the Loan Agreement. Others : Nil
Short Particulars of the property charged	Bmw 520 D Car No.Mh-09 Bb-5992 Model 2010

HISTORY

Subject was formerly called Kulkarni Black and Decker, incorpoated in 1976 its name was changed to Kulkarni Power Tools (KPTL) in 1994. It was promoted by P Kulkarni, a technocrat. P D Gune is the Chairman and P A Kulkarni, the Managing Director.

The company commenced commercial production in 1978 at its unit in Shirol, Kolhapur district. It is engaged in the manufacture of power tools. The range includes basic drills, grinders and sanders with an installed capacity of 75,000. The company markets its products through a network of 175 dealers and 95 authorised service centres. 

The company is the only power-tool manufacturer in India to have been accorded the ISI and ISO 9001 accreditation by BVQI. 

In Apr.'94, Subject tied up with Ryobi, Japan, to market its products. It diversified into cotton yarn processing with an Italian collaboration and set up a unit at Chakan, near Pune, at an estimated investment of Rs 300.000 millions.

Business Description

Kulkarni Power Tools Limited (KPT) is engaged in manufacturing and marketing of electric power tool. The Company operates in three business segments: Portable Power tools, Blowers and Wind mills. Power tools products include drills, angle grinder, sanders, impact drills, rotary hammers, grinders, cutters, polishers and saw, which are used in metal working, construction and wood working. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company produced 161,728 portable power tools, 1,083 blowers and 3,360,777 kilowatt hours per annum of electricity. KPT's plant is located at Shirol, Maharashtra, India. The Company’s products can be found in bus body building, rail coaches, ship yards, fabrication work, pipe laying for refineries and housing. KPT markets its products through a distribution network spread all over India. The products customers include Reliance Industries, Larson and Toubro, Crompton Greaves, Siemens and Bieco Lawrie. For the nine months ended 31 December 2010, Kulkarni Power Tools Limited's revenues increased 39% to RS.649.9 M. Net income decreased 11% to RS.30.8 M. Revenues reflect a substantial increase in income from Power Tools segment. Net income was offset by an increase in stock in trade and work in progress, higher consumption on raw materials, an increase in purchase of traded goods, higher employees cost and increased depreciation expense.

MANAGEMENT REVIEW :

They expect Indian economy to clock a GDP growth rate around 8% with substantial investment in housing, infrastructure and industry. Demand for Company's products is expected to continue to clock double digit growth.

They continue to improve their systems and delivery both in domestic and export markets. With re-established marketing network, their top line has increased by 35%. However, due to increased expenses in sales and marketing, their profits before taxes have not shown commensurate growth. their brand recall continues to provide them with confidence to maintain their performance and growth, in the coming year 2011-12.

During the year, Industrial relations continued to be harmonious. The Company is following transparency and good corporate governance practices in all its operations.

The FOB value of exports during the year is Rs.104.935 millions which was Rs.93.226 millions in the previous year.

FIXED ASSETS

Tangible

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Dies, Moulds and Patterns

· Furniture and Fixtures

· Vehicles

Intangible

· Technical Know-how

· Computer Software

WEB DETAILS

Profile

Incepted in the year 1976, Subject, has established itself as an eminent manufacturers, suppliers and exporters of precision industrial blowers and fans as a Joint Venture with Decker Corporation, USA. In the year 1993 KPT became the independent company and solely involved with the purpose to create a benchmark in the industry.

Under the able guidance of the mentor Kiran Pathak, they have entrenched themselves as a reliable and dependable company relentlessly serving its customers. It is his valuable experience in the associated field that has catapulted them to success. Sharing equal screen space is the assortments that are manufactured out of the finest material. Reliability, safety, performance, user orientated innovation, ergonomics, value added services bear testimony of the quality standards. Keeping in line with quality assurance, the tools are passed through stringent quality testing parameters which are CSA certified. The well equipped standards, room and state of the art laboratory ensures world class portable electric tools including saws, planers, drills, hammers, grinders, sanders and many more.

The customized range has made them the one stop solution for various electric power tools and allied accessories used in different industries. Breaking newer grounds, they are also providing technical support for pneumatic conveying for handling cement and fly ash. Besides this, they are also in the process of retrofitting jobs for pneumatic conveying systems. It is these varied initiatives that has made them one of the key players within the domestic and international market.

Press Release

Accord Fintech (India)

26 May 2011

[What follows is the full text of the news story.]

India, May 26 -- Kulkarni Power Tools has informed that the board of directors of the company at its meeting held on May 26, 2011 has recommended a dividend of Rs 2 per share of Rs 5 each, subject to approval of shareholders. The above information is part of the company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech.

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 records 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. 44.04
UK Pound	1	Rs. 72.40
Euro	1	Rs. 63.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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.