MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	FUNSKOOL (INDIA) LIMITED

Registered Office :	826, Anna Road, Tarapore Towers, 6^th Floor, Chennai – 600 002, Tamilnadu.

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	11.06.1986

Com. Reg. No.:	18 - 013091

Capital Investment / Paid-up Capital :	Rs.8.250 Millions

CIN No.: [Company Identification No.]	U25209TN1986PLC013091

TAN No.: [Tax Deduction & Collection Account No.]	CHEF00028A

Legal Form :	A Closely held Public Limited Liability Company

Line of Business :	Subject is engaged mainly in the Manufacture of Plastics Toys, Puzzle and Games

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 969000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Financial positions of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to usually correct and as per commitments. 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, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	826, Anna Road, Tarapore Towers, 6^th Floor, Chennai – 600 002, Tamilnadu, India.
Tel. No.:	91-44-28520024/30262626
Fax No.:	91-44-30262627
E-Mail :	ho@funskool.co.in

Regional Office :	North 208, Second Floor 43, Chiranjeev Tower, Nehru Place, New Delhi – 110 019, India. Tel No: 91-11-26225835 / 36 E-Mail: ronorth@funskool.co.in East Unit No.1B, 1^st Floor, 148, Rash Behari Avenue, Kolkata – 700 029, West Bengal, India. Tel No: 91-33-24639229 / 24669856 / 24669855 E-Mail: roeast@funskool.co.in West 112, Floral Deck Plaza, Central M.I.D.C Road, Andheri (East), Mumbai – 400 093, Maharashtra, India. Tel No: 91-22-28312817 / 28328050 / 28312816 / 28328049 E-Mail: rowest@funskool.co.in

Factory :	Goa Corlim, Tiswadi, Goa – 403 110, India. Tel No: 91-832-2284195 / 2284394 Fax No: 91-832-2284015 Ranipet M.K. Puram Post, Ponnai Road, Lalapet, Ranipet 5,Maharasahtra, India Tel No: 91-4172-244418 / 19 / 20 Fax No: 91-4172-246031

DIRECTORS

As on 30.09.2011

Name :

Mr. Arun Mammen

Designation :

Director

Address :

11, Boat Club Road, 3^rd Avenue, R.A.Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

12.11.1964

Date of Appointment :

18.12.1987

DIN No.:

00018558

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209TN1986PLC013091	Funskool (India) Limited	Director	18-12-87	18-12-87	-	Active	NO
2	U65929TN1985PLC012156	MRF Corporation Limited	Director	29-03-90	29-03-90	-	Active	NO
3	L25111TN1960PLC004306	MRF Limited	Managing director	01-04-08	29-03-90	-	Active	NO
4	U73100TN1990NPL019229	Madras Education and Medical Foundation	Director	27-09-91	27-09-91	26-02-10	Active	NO
5	U25111TN1992PLC023695	MRF International Limited	Director	23-10-92	23-10-92	-	Active	NO
6	U70102KA1991PTC011987	M.M. Housing Private Limited	Director	12-02-96	12-02-96	-	Active	NO
7	U65991TN1921NPL001337	Chennai Willingdon Corporate Foundation	Director	06-09-99	06-09-99	-	Active	NO
8	U85320TN1999NPL041989	Young Presidents Organisation (Chennai Chapter)	Director	06-08-04	06-08-04	14-08-10	Active	NO

Name :

Mr. Jacob Mathew

Designation :

Director

Address :

Kandahil, Old Seminary Road, Chungam, Kottayam – 686001, Kerala, India

Date of Birth/Age :

21.10.1951

Date of Appointment :

11.06.1986

DIN No.:

00090387

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01131KA1967PTC001701	Pandalur Plantations Private Limited	Director	16-10-72	16-10-72	-	Active	NO
2	L70102KA1974PLC002641	Balanoor Plantations and Industries Limited	Director	29-03-76	29-03-76	-	Active	NO
3	U22121KL1982PTC003540	Mathews Associates and Agencies Private Limited	Director	01-05-82	01-05-82	-	Strike off	NO
4	U25209TN1986PLC013091	Funskool (India) Limited	Director	11-06-86	11-06-86	-	Active	NO
5	U99999DL1951PLC002023	The Indian Newspaper Society	Director	19-09-90	19-09-90	-	Active	NO
6	U24129KL1955PTC001136	Sicaf Private Limited	Director	30-03-95	30-03-95	-	Active	NO
7	U51909KL1996PLC009894	G Mart Limited	Director	04-01-99	04-01-99	-	Active	NO
8	U92132KL2004PLC017566	MM TV Limited	Managing director	09-03-11	29-10-04	-	Active	NO
9	L01116KL1943PLC000389	The Gokul Rubber and Tea Plantations Limited	Director	28-09-05	28-09-05	-	Active	NO

Name :

Mrs. Ambika Mammen

Designation :

Director

Address :

Deerhurst No.17, Boat Club Road, 3^rd Avenue, R.A. Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

04.12.1954

Date of Appointment :

28.03.2002

DIN No.:

00287074

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29222KA1972PTC002201	Devon Machines Private Limited	Director	28-04-87	28-04-87	-	Active	NO
2	U65991TN1990PTC019916	Kandathil Investments Private Limited	Director	23-11-90	23-11-90	-	Active	NO
3	U65991TN1990PTC019913	Tranquil Investments Private Limited	Director	23-11-90	23-11-90	-	Active	NO
4	U93090TN1990NPL019230	MRF Officers Welfare Institute	Director	14-01-94	14-01-94	26-02-10	Active	NO
5	U65933TN1985PLC012361	Pearl Investments and Finance Company Limited	Director	04-09-01	04-09-01	-	Active	NO
6	U25209TN1986PLC013091	Funskool (India) Limited	Director	28-03-02	28-03-02	-	Active	NO
7	U65991TN1988PTC016478	Peninsular Investments Private Limited	Director	29-09-06	03-08-06	-	Active	NO
8	U65993TN1986PTC012638	Comprehensive Investment and Finance Company Private Limited	Director	29-09-06	03-08-06	-	Active	NO
9	U25199TN1990PTC019280	Coastal Rubber Equipment Private Limited	Director	29-09-06	30-08-06	-	Active	NO

Name :

Mrs. Meera Mammen

Designation :

Director

Address :

No.6, (Old No. 3A), Riverside Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

09.06.1955

Date of Appointment :

28.06.1990

DIN No.:

00287110

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209TN1986PLC013091	Funskool (India) Limited	Director	28-06-90	28-06-90	-	Active	NO
2	U65991TN1990PTC019914	Avittam Investments Private Limited	Director	23-11-90	23-11-90	-	Active	NO
3	U65991TN1990PTC019915	V A Investments Private Limited	Director	23-11-90	23-11-90	-	Active	NO
4	U73100TN1990NPL019229	Madras Education and Medical Foundation	Director	28-09-92	28-09-92	01-03-10	Active	NO
5	U93090TN1990NPL019230	MRF Officers Welfare Institute	Director	28-09-92	28-09-92	01-03-10	Active	NO
6	U65933TN1985PLC012361	Pearl Investments and Finance Company Limited	Director	20-08-01	20-08-01	-	Active	NO

Name :

Cibi Mammen

Designation :

Director

Address :

11, Boat Club Road, 3^rd Avenue, R.A.Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

05.06.1971

Date of Appointment :

28.03.2002

DIN No.:

00287146

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65991TN1990PTC019914	Avittam Investments Private Limited	Director	30-09-92	30-09-92	-	Active	NO
2	U93090TN1990NPL019230	MRF Officers Welfare Institute	Director	14-01-94	14-01-94	26-02-10	Active	NO
3	U29222KA1972PTC002201	Devon Machines Private Limited	Director	16-08-94	16-08-94	-	Active	NO
4	U65933TN1985PLC012361	Pearl Investments and Finance Company Limited	Director	23-08-01	23-08-01	-	Active	NO
5	U25209TN1986PLC013091	Funskool (India) Limited	Director	28-03-02	28-03-02	-	Active	NO
6	U65991TN1988PTC016478	Peninsular Investments Private Limited	Director	29-09-06	03-08-06	-	Active	NO
7	U65993TN1986PTC012638	Comprehensive Investment and Finance Company Private Limited	Director	29-09-06	03-08-06	-	Active	NO
8	U25199TN1990PTC019280	Coastal Rubber Equipment Private Limited	Director	29-09-06	30-08-06	-	Active	NO

Name :

Mr. Nigel George Hutton

Designation :

Director

Address :

14 Wood Hamwaye, Woking, Surrey GU21 58W, United Kingdom

Date of Birth/Age :

28.11.1952

Date of Appointment :

29.08.1995

DIN No.:

02197608

Name :

Wiebe Tinga

Designation :

Director Appointed in Casual Vacancy

Address :

24, Union park, Apartment 4, Boston Ma, Boston 02118, United States of America

Date of Appointment :

23.03.2009

DIN No.:

02197667

KEY EXECUTIVES

Name :	Baby K John
Designation :	Secretary
Address :	Plot No.112, Aramannagar, 3^rd Main Road, Peravallur, Chennai – 600082, Tamilnadu, India
Date of Appointment :	01.10.2009
Pan No.:	ABRPB2089A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Sushil Joseph		1
George Thomas		1
K John Baby		1
MRF Limited, India		148500
Koshy Zachariah		1
Arun Mammen		1
Ravi Mannath		1
Jossey M Joseph		1
Penninsular Investments Private Limited, India		346500
Hasbro International INC, USA		330000
TOTAL		825007

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Toys.

Products :

Product Description	ITC Code
Educational Games and Functional / Technical Toys	95033000
Puzzles	95036000
Dolls	95021000

PRODUCTION STATUS

As on 31.03.2011

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Educational Games / Plastic Toys / Wooden Toys	2500000	2500000	2422921

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

CITI Bank, No.2, Clubhouse Road, Chennai – 600 002, Tamilnadu, India
HDFC Bank Limited, HDFC Bank Housesnapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit	54.614	35.790
Total	54.614	35.790
Notes : The cash credit from Bank for working capital is secured against company’s Fixed Assets raw material, stock in process, finished goods, etc., and book debts present and future.

Banking Relations :	--

Auditors :
Name :	S.G. Kesava Moorthy and Company Chartered Accountants
Address :	No.66, Vani Vilas Road, Basavanagudi, Bangalore – 560 004, Karnataka, India.
Tel. No.:	91-80-41204904 / 41204905
Fax No.:	91-80-41312371
E-Mail :	sgkco1956@yahoo.com
PAN.:	AACFS8607F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
825007	Equity Shares	Rs. 10/- each	Rs.8.250 Millions

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		8.250	8.250	8.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		233.942	176.287	146.193
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		242.192	184.537	154.443
LOAN FUNDS
1] Secured Loans		54.614	35.790	35.154
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		54.614	35.790	35.154
DEFERRED TAX LIABILITIES		6.829	6.665	6.407

TOTAL		303.635	226.992	196.004

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		64.701	61.097	47.367
Capital work-in-progress		2.164	1.126	1.225

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	204.616	172.549	129.171
	Sundry Debtors	107.041	64.539	73.997
	Cash & Bank Balances	6.048	4.759	4.276
	Other Current Assets	0.385	0.415	0.365
	Loans & Advances	9.354	9.154	13.045
Total Current Assets		327.444	251.416	220.854
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	70.989	74.668	59.424
	Other Current Liabilities	4.121	1.883	3.113
	Provisions	15.564	10.096	10.905
Total Current Liabilities		90.674	86.647	73.442
Net Current Assets		236.770	164.769	147.412

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		303.635	226.992	196.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	766.518	555.075	476.741
		Other Income	23.214	16.592	13.653
		TOTAL	789.732	571.667	490.394

Less	EXPENSES
		Raw Material Consumed	148.435	124.199	111.620
		Purchase of Traded Goods	239.172	154.248	106.518
		Increase/ Decrease in Stock	(25.338)	(40.153)	(13.555)
		Excise Duty	6.738	5.426	5.583
		Other Expenses	316.095	261.199	231.717
		TOTAL	685.102	504.919	441.883

Less	PROFIT BEFORE INTEREST, TAX, AMORTISATION		104.630	66.748	48.511

Less	INTEREST		3.222	2.125	4.665

	Profit Before Exceptional Items		101.408	64.623	43.846

Less	Exceptional Items		0.000	3.350	0.000

	PROFIT BEFORE TAX		101.408	61.273	43.846

Less	TAX		34.164	21.558	17.406

	PROFIT AFTER TAX		67.244	39.715	26.440

Less	Taxation Written Back/off		0.000	0.000	(0.470)

Less	APPROPRIATIONS
	Dividend / Interim Dividend		8.250	8.250	7.425
	Tax on Dividend		1.339	1.370	1.262
	Surplus Transferred to General Res.		57.655	30.095	17.283

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Goods Exported	55.520	45.985	69.063
	TOTAL EARNINGS		55.520	45.985	69.063

	IMPORTS
		Capital Goods	1.422	2.141	0.000
		Raw Materials	2.033	2.761	4.602
		Others	0.398	0.632	4.372
	TOTAL IMPORTS		3.853	5.534	8.974

	Earnings Per Share (Rs.)		81.50	48.14	32.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.51	6.95	5.39

Net Profit Margin (PBT/Sales)	(%)	13.23	11.04	9.20

Return on Total Assets (PBT/Total Assets}	(%)	25.86	20.68	16.35

Return on Investment (ROI) (PBT/Networth)		0.42	0.35	0.28

Debt Equity Ratio (Total Liability/Networth)		0.60	0.66	0.70

Current Ratio (Current Asset/Current Liability)		3.61	2.90	3.01

LOCAL AGENCY FURTHER INFORMATION

OPERATION

During the year consideration sales and other income were Rs. 789.700 millions against Rs. 571.700 millions in the previous year according a growth of 38% Profit before Interest and Depreciation was higher at Rs. 112.100 as against Rs. 73.500 millions of previous year recording a growth of 53% after providing for Interest. Depreciation and Taxation the profit available was Rs. 67.200 millions as against Rs. 39.700 millions in the previous year.

FORM 8:

Corporate identity number of the company	U25209TN1986PLC013091
Name of the company	FUNSKOOL (INDIA) LTD.
Address of the registered office or of the principal place of business in India of the company	826, Anna Road, Tarapore Towers, 6^th Floor, Madras – 600 002, Tamilnadu, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90289038
Type of charge	Book Debts Others
Particular of charge holder	CITI Bank, No.2, Clubhouse Road, Chennai – 600 002, Tamilnadu, India. Email : anirban.sen@citi.com
Nature of instrument creating charge	Deed of Modification
Date of instrument Creating the charge	26.08.2008
Amount secured by the charge	Rs. 55.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As may be decided by the bank from time to time Terms of Repayment : Revolving facility and repayable on demand. Margin : As may be decided by the bank from time to time Extent and Operation of the charge: First Pari Passu charge with the charges created / to be created in favour of the HDFC Bank Limited without any inter-se preference or priority.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Secured by first pari passu charge on the current assets (including stock and book debts) and movable fixed assets (including plant and machinery, office equipment, furniture and fixture etc.) of the borrower present and future.
Date of instrument modifying the charge	24.01.2008
Particulars of the present modification	By this modification the credit facilities increased from Rs. 37.100 millions to Rs. 55.000 millions. Other term and condition remain unchanged

FIXED ASSETS

Buildings
Plant and Machinery
Other Assets
Moulds
Vehicles

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.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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
TOTAL		50

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

204.616

107.041

6.048

0.385

9.354

327.444

70.989

4.121

15.564

90.674

236.770

8.51

13.23

25.86

0.42

0.60

3.61

Unit