MIRA INFORM REPORT

Report Date :

18.12.2012

IDENTIFICATION DETAILS

Name :	MULDER (INDIA) PRIVATE LIMITED
Registered Office :	No.196/A1, Bommasandra Industrial Area, Attibele Hobli, Anekal Taluka, Bangalore – 560 099, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.10.1992
Com. Reg. No.:	08-013599
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U02693KA1992PTC013599
TAN No.: [Tax Deduction & Collection Account No.]	BLRM01515D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Porcelain, Ceramic Transfers and Glassware.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 138000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	No.196/A1, Bommasandra Industrial Area, Attibele Hobli, Anekal Taluka, Bangalore – 560 099, Karnataka, India
Tel. No.:	91-80-27833314/ 27833523
Fax No.:	91-80-27833411
E-Mail :	mulder@blr.vsnl.com mulder@mulderindia.com
Website :	http://mulderindia.com
Area :	3500 sq ft
Location :	Owned
Delhi Office :	No.90/27, Okhla Industrial Area, Phase I, New Delhi – 110 020, India
Tel. No.:	91-11-26819863/ 26812576
UK Market Office :	Bailey Decal Limited, Trent House, Dunning Street, Stoke On Trent, ST6, 5AP, England
Tel No.:	01782 524400
Fax No.:	01782 524414

DIRECTORS

As on 19.09.2011

Name :

Mr. Praveen Kumar Singhvi

Designation :

Managing Director

Address :

4041, 28^th Main, 21^st Cross, Banashankari II Stage, Bangalore – 560 070, Karnataka, India

Date of Birth/Age :

17.07.1960

Date of Appointment :

13.10.1992

DIN No :

00237723

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U02693KA1992PTC013599	MULDER (INDIA) PRIVATE LIMITED	Managing director	13/10/1992	13/10/1992	-	Active	NO
2	U74999KA2006PTC040111	R.A.K. MULDER PORCELAIN PRIVATE LIMITED	Director	03/08/2006	03/08/2006	-	Active	NO
3	U74900KA2011PTC056928	EFF N' BEE HOSPITALITY PRIVATE LIMITED	Director	04/02/2011	04/02/2011	-	Active	NO
4	U51109KA2012PTC065155	MULDER TRADING PRIVATE LIMITED	Director	02/08/2012	02/08/2012	-	Active	NO

Name :

Mr. Jayaraj Singhvi

Designation :

Director

Address :

No.13/10, P.M.K. Road, Shankar Puram, Bangalore – 560 004, Karnataka, India

Date of Birth/Age :

10.11.1964

Date of Appointment :

06.10.2004

DIN No :

02704443

Name :

Mr. Kothenath Unni Rajagopal

Designation :

Director

Address :

Tarawad, Palenahalli, Yelahanka Post, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

17.07.1954

Date of Appointment :

24.09.1997

DIN No :

00229915

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34103KA1981PTC004542	SANSERA ENGINEERING PRIVATE LIMITED	Director	01/03/1991	01/03/1991	-	Active	NO
2	U02693KA1992PTC013599	MULDER (INDIA) PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
3	U74140MH1998PTC116442	DFK CONSULTING SERVICES (INDIA) PRIVATE LIMITED	Director	04/09/1998	04/09/1998	17/02/2010	Active	NO
4	U29299KA2007PTC043270	SANSERA + STREPARAVA ENGINEERING PRIVATE LIMITED	Director	09/08/2010	09/08/2010	-	Active	NO

Name :

Mr. Fatheraj Singhvi

Designation :

Director

Address :

Shanthi, No.232, Vishranti Enclave, Doddakalasandra Village, Kanakapura Road, Bangalore – 560 062, Karnataka, India

Date of Birth/Age :

14.04.1955

Date of Appointment :

13.10.1992

DIN No :

00233146

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34103KA1981PTC004542	SANSERA ENGINEERING PRIVATE LIMITED	Managing director	26/02/2008	01/03/1991	-	Active	NO
2	U02693KA1992PTC013599	MULDER (INDIA) PRIVATE LIMITED	Director	13/10/1992	13/10/1992	-	Active	NO
3	U28991KA1999PTC026145	GEAROCK FORGE PRIVATE LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
4	U74999KA2006PTC040111	R.A.K. MULDER PORCELAIN PRIVATE LIMITED	Director	03/08/2006	03/08/2006	-	Active	NO
5	U29299KA2007PTC043270	SANSERA + STREPARAVA ENGINEERING PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
6	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2008	03/09/2008	-	Active	NO
7	U74900KA2011PTC056928	EFF N' BEE HOSPITALITY PRIVATE LIMITED	Director	04/02/2011	04/02/2011	-	Active	NO
8	U29220KA1983PTC005690	FITWELL TOOLS AND FORGINGS PRIVATE LIMITED	Director	30/09/2011	24/06/2011	-	Active	NO
9	U51109KA2012PTC065155	MULDER TRADING PRIVATE LIMITED	Director	02/08/2012	02/08/2012	-	Active	NO

Name :

Mr. Nikhail Devidas Tejuja

Designation :

Director

Address :

14, Sadhna Enclave, New Delhi - 110 017, India

Date of Birth/Age :

12.03.1967

Date of Appointment :

24.09.1997

DIN No :

02792115

KEY EXECUTIVES

Name :	Shashidhara G.S. and Company
Designation :	Company Secretaries
Address :	No.725, 1^st Floor, 10^th Main, 4^th Block, Jayanagar, Bangalore – 560 011, Karnataka, India
Tel. No.:	91-80-22455141/ 26534024
Mobile No.:	91-9880461710
E-Mail:	gss_comsecy@rediffmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Praveen Kumar Singhvi	87890
Lalitha Singhvi	50920
Jayraj Singhvi HUF	50920
Tara Singhvi	50920
D.K. Tejuja and Savita Tejuja	50000
Nikhail Tejuja and Rohit Tejuja	87500
Rohit Tejuja and Nikhail Tejuja	25000
Unni Rajagopal	30000
F.R. Singhvi	68420
D. Devaraj	30000
F.R. Singhvi HUF	50920
Bela Singhvi	50920
Akshay Singhvi	50920
Shweta Singhvi	50920
Karan Singhvi	50920
Jayaraj Singhvi	50920
Praveen Kumar Singhvi HUF	31450
Latha Singhvi	50920
Meera Singhvi	50920
S. Premraj and Sons	75940
Ajay Singhvi	50920
Arjun Singhvi	50920
Prashanth Singhvi	50920
Indira Singhvi	50920
Total	1250000

As on 19.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Porcelain, Ceramic Transfers and Glassware.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Decalcomania transfers (Vitrifiable)	Sheets	1500000	994591

GENERAL INFORMATION

No. of Employees :

60 (Approximately)

Bankers :

v State Bank of India, C and I Division; Bangalore City Branch, J.C. Road, Bangalore – 560 002, Karnataka, India

v Standard Chartered Bank, SME Credit, 112, 2^nd Floor, Serenity, West Wing, 5^th Block, Koramangala Industrial Area, Koramangala, Bangalore - 560 095, Karnataka, India

v HDFC Bank Limited

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
HDFC Bank Limited (Secured by hypothecation of vehicle financed) (Repayable within one year Rs.0.061 million PY Rs0.133 million)	0.542	0.061
Standard Chartered Bank Corporate Loan (Secured by hypothecation of raw materials, work-in-progress, finished goods located at the Company's factory and book debts and deposit of title deeds in respect of company's assets) (Repayable within one year Rs.0.655 million PY Rs.0.543 million)	0.105	0.799
Standard Chartered Bank Working capital facility (Secured by hypothecation of raw materials, work-in-progress, finished goods located at the Company's factory and book debts and deposit of title deeds in respect of company's assets and personal guarantee of five directors of the company)	10.583	12.395
Total	11.230	13.255
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Shareholders / Directors	0.079	0.079
Total	0.079	0.079

Banking Relations :	--
Auditors :
Name :	K.S. Muralidhar Chartered Accountant
Address :	# 3, Pranava Complex, 5^th Cross, Malleshwaram Bangalore – 560 003, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAJPM9678H
Related Parties :	v Ceramic Designs, Kochi v RAK Mulder Porcelain Private Limited v Ceramic Designs, Bangalore v Grabdeur

CAPITAL STRUCTURE

As on 19.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 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		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.013	19.293	17.938
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.513	31.793	30.438
LOAN FUNDS
1] Secured Loans		11.230	13.255	15.587
2] Unsecured Loans		0.079	0.079	0.079
TOTAL BORROWING		11.309	13.334	15.666
DEFERRED TAX LIABILITIES		3.567	3.861	4.580
TOTAL		49.389	48.988	50.684
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.693	21.655	22.928
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.370	0.500	0.500
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.816	16.791	21.157
	Sundry Debtors	16.190	16.564	12.478
	Cash & Bank Balances	1.025	0.791	0.616
	Other Current Assets	0.041	0.010	0.014
	Loans & Advances	3.475	2.091	1.418
Total Current Assets		37.547	36.247	35.683
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.413	7.229	5.191
	Other Current Liabilities	1.208	1.350	2.686
	Provisions	1.600	0.835	0.550
Total Current Liabilities		9.221	9.414	8.427
Net Current Assets		28.326	26.833	27.256
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49.389	48.988	50.684

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	91.707	77.284	48.899
		Other Income
		TOTAL	91.707	77.284	48.899
Less	EXPENSES
		Expenses	84.559	68.258	46.457
		Accretion/ Decretion to Stocks	0.825	5.110	(0.089)
		TOTAL	85.384	73.368	46.368
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.323	3.916	2.531
Less/ Add	DEPRECIATION/ AMORTISATION		2.300	2.326	2.323
	PROFIT BEFORE TAX		4.023	1.590	0.208
Less	TAX		1.303	0.235	(0.071)
	PROFIT AFTER TAX		2.720	1.355	0.918
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	12.417	17.723	15.565
	TOTAL EXPORTS		12.417	17.723	15.565
	IMPORTS
		Raw Materials	25.619	15.033	8.969
		Capital Goods	0.000	0.610	0.000
	TOTAL IMPORTS		25.619	15.643	8.969
	Earnings Per Share (Rs.)		2.17	1.08	1.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.97	1.75	1.88
Return on Total Assets (PBT/Total Assets}	(%)	6.91	2.75	0.35
Return on Investment (ROI) (PBT/Networth)		0.12	0.05	0.01
Debt Equity Ratio (Total Liability/Networth)		0.59	0.72	0.79
Current Ratio (Current Asset/Current Liability)		4.07	3.85	4.23

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
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	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10200653
Corporate identity number of the company	U02693KA1992PTC013599
Name of the company	MULDER (INDIA)PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.196/A1, Bommasandra Industrial Area, Attibele Hobli, Anekal Taluka, Bangalore – 560 099 Karnataka, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	Standard Chartered Bank, SME Credit, 112, 2^nd Floor, Serenity, West Wing, 5^th Block, Koramangala Industrial Area, Koramangala, Bangalore – 560 095, Karnataka, India E-Mail: ops.sme@sc.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement - Supplemental
Date of instrument Creating the charge	26.05.2011
Amount secured by the charge	Rs.18.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first and exclusive charge on the security given by the Company
Short particulars of the property charged	Hypothecation by way of first and exclusive charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of Manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills.
Particulars of the present modification	By present modification, the existing charge amount of Rs.21.000 Millions reduced to Rs.18.000 Millions against the security of hypothecation by way of first and exclusive charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills.

FIXED ASSETS:

v Buildings

v Electrical Fittings

v Plant and Machinery – Imported

v Plant and Machinery – Indigenous

v Office Equipment

v Vehicles

v Furniture and Fixtures

v Land

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.63
UK Pound	1	Rs.88.40
Euro	1	Rs.71.86

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.