MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	DIMESCO FOOTCARE INDIA PRIVATE LIMITED
Registered Office :	7/330 A, VKC Buildings, Post Kolathara, Calicut – 673 655, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.03.2005
Com. Reg. No.:	09-018011
Capital Investment / Paid-up Capital :	Rs.2.598 millions
CIN No.: [Company Identification No.]	U19201KL2005PTC018011
TAN No.: [Tax Deduction & Collection Account No.]	CHND00899D
PAN No.: [Permanent Account No.]	AACCD1619B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Plastic and Eva Compound.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 121000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be 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	A1	A1

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

LOCATIONS

Registered Office :	7/330 A, VKC Buildings, Post Kolathara, Calicut – 673 655, Kerala, India
Tel. No.:	91-495-2482112
Fax No.:	91-495-2482412
E-Mail :	dimesco@vsnl.net dimesco@vkcgroup.com
Factory :	4/458 B, P.O. Chelembra, Malappuram District – 673 634, Kerala, India
Tel. No.:	91-494-2404959
Fax No.:	91-494-2405659

DIRECTORS

As on 30.09.2011

Name :

VKC Mammed Koya

Designation :

Director

Address :

Prabha, Kodinattumukku, Olavanna Post, Kozhikode – 673 019, Kerala, India

Date of Birth/Age :

05.02.1940

Date of Appointment :

19.03.2005

DIN No.:

00309339

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	U24134KL1994PTC007912	Caltech Polymers Private Limited	Director	13-05-94	13-05-94	-	Active	NO
2	U19201KL2002PTC015170	Califer Footcare (India) Private Limited	Director	06-06-08	09-01-02	10-10-08	Active	NO
3	U25191KL2002PTC015519	Veekesy Rubber Industries Private Limited	Director	05-07-02	05-07-02	-	Active	NO
4	U19201KL2005PTC018011	Dimesco Footcare India Private Limited	Director	19-03-05	19-03-05	-	Active	NO
5	U45309KL1961SGC001937	Kerala State Industrial Development Corporation Limited	Director	14-05-07	14-05-07	15-12-11	Active	NO
6	U91990KL2002NPL015838	Norka-Roots (Sec 25 Company)	Director	18-08-07	18-08-07	29-08-11	Active	NO
7	U25199KL1998PTC012185	Veekesy Elastomers Private Limited	Director	29-09-07	29-09-07	-	Active	NO
8	U45200KL2007PLC021389	Buildcon Construction Company Limited	Director	19-12-07	09-11-07	-	Active	NO
9	U91110KL1931NPL001527	The Malabar Chamber of Commerce	Director	25-09-08	25-09-08	12-11-10	Active	NO
10	U19202KL2002PTC015715	Slipons India Private Limited	Director	30-09-08	30-09-08	-	Active	NO
11	U19201KL2004PTC017111	Diadora Shoes Private Limited	Director	30-09-08	30-09-08	-	Active	NO
12	U65929KL1975SGC002736	Kerala Small Industries Development Corporation Limited	Director	20-11-08	20-11-08	18-10-11	Active	YES
13	U19201KA2008PTC048381	Veekesy Sandals (India) Private Limited	Director	21-11-08	21-11-08	-	Active	NO
14	U24134KL1996PTC009856	Veekesy Polymers Private Limited	Director	29-06-09	29-06-09	-	Active	NO
15	U19202TZ2006PTC012811	Veekesy Footcare (India) Private Limited	Director	03-08-09	03-08-09	-	Active	NO
16	U19202KL2006PTC019643	Smartak Footcare Private Limited	Director	18-08-10	09-09-09	-	Active	NO
17	U19201TZ2004PTC011325	Ferrari Shoes India Private Limited	Director	29-09-09	29-09-09	-	Active	NO
18	U18104KL2002PTC015839	Sandlon Technologies Private Limited	Director	29-09-09	29-09-09	-	Active	NO
19	U67110KL2009PLC025082	Al Barakah Financial Services Limited	Director	23-05-11	30-11-09	23-11-11	Active	NO
20	U19200KL2010PTC025679	Veekesy Shoes and Allied Products India Private Limited	Director	13-03-10	13-03-10	-	Active	NO
21	U19200KL2010PTC026340	VKC Footwear International Private Limited	Director	13-07-10	13-07-10	-	Active	NO
22	U19200KL2010PTC026934	VKC Footsteps (India) Private Limited	Director	28-10-10	28-10-10	-	Active	NO
23	U15400KL2011PTC027626	Malabar Mega Food Park Private Limited	Director	09-02-11	09-02-11	-	Active	NO
24	U19200KL2011PTC029663	VKC Footprints Global Private Limited	Director	25-10-11	25-10-11	-	Active	NO

Name :

V. Abdul Razak

Designation :

Managing Director

Address :

Prabha, Kodinattumukku, Olavanna Post, Kozhikode – 673 019, Kerala, India

Date of Birth/Age :

30.05.1968

Date of Appointment :

19.03.2005

DIN No.:

00305833

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209KL1998PTC012195	Emerald Plastomers Private Limited	Director	03-04-98	03-04-98	Active	NO
2	U02520TZ1998PTC008691	Veekesy Plastomers India Private Limited	Director	22-12-98	22-12-98	Active	NO
3	U19202KL2002PTC015715	Slipons India Private Limited	Managing director	30-09-08	14-11-02	Active	NO
4	U19201KL2004PTC017111	Diadora Shoes Private Limited	Managing director	30-09-08	17-05-04	Active	NO
5	U19201KL2005PTC018011	Dimesco Footcare India Private Limited	Managing director	16-12-09	19-03-05	Active	NO
6	U19202KL2005PTC018521	Morbido Vinyl Private Limited	Director	10-08-05	10-08-05	Active	NO
7	U19202KL2006PTC019643	Smartak Footcare Private Limited	Managing director	09-09-09	22-07-06	Active	NO
8	U25191KL2002PTC015519	Veekesy Rubber Industries Private Limited	Director	29-09-07	29-09-07	Active	NO
9	U24134KL1996PTC009856	Veekesy Polymers Private Limited	Director	29-06-09	29-06-09	Active	NO
10	U19202TZ2006PTC012811	Veekesy Footcare (India) Private Limited	Director	03-08-09	03-08-09	Active	NO
11	U19201TZ2004PTC011325	Ferrari Shoes India Private Limited	Director	29-09-09	29-09-09	Active	NO
12	U18104KL2002PTC015839	Sandlon Technologies Private Limited	Director	29-09-09	29-09-09	Active	NO
13	U19202KL2009PTC024871	Fayiz Foots Private Limited	Director	14-10-09	14-10-09	Active	NO
14	U19202KL2009PTC024938	Essefsy Footwears Private Limited	Director	27-10-09	27-10-09	Active	NO
15	U19200KL2010PTC025679	Veekesy Shoes and Allied Products India Private Limited	Managing director	20-04-10	13-03-10	Active	NO
16	U25199KL1998PTC012185	Veekesy Elastomers Private Limited	Director	17-09-10	15-04-10	Active	NO
17	U19200TZ2009PTC015640	Coimbatore Footwear Stitching Works Private Limited	Director	30-09-10	20-05-10	Active	NO

Name :

Sajna Razak

Designation :

Director

Address :

Prabha, Kodinattumukku, Olavanna Post, Kozhikode – 673 019, Kerala, India

Date of Birth/Age :

26.05.1974

Date of Appointment :

30.09.2008

DIN No.:

00609540

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U19201TZ2001PTC009912	Kovai Footwears Private Limited	Director	26-09-03	26-09-03	Active	NO
2	U02520TZ1998PTC008691	Veekesy Plastomers India Private Limited	Managing director	11-12-03	11-12-03	Active	NO
3	U19201KL2005PTC018011	Dimesco Footcare India Private Limited	Director	30-09-08	30-09-08	Active	NO

Name :

Pottengat Mohammed Shiraz

Designation :

Director

Address :

10/116, Mannarghat P.O., Palakkad – 678 582, Kerala, India

Date of Birth/Age :

18.12.1977

Date of Appointment :

09.09.2009

DIN No.:

00591798

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U19201KL2004PTC017111	Diadora Shoes Private Limited	Director	17-05-04	17-05-04	Active	NO
2	U19201TZ2001PTC009912	Kovai Footwears Private Limited	Managing director	27-06-05	27-06-05	Active	NO
3	U19202TZ2006PTC012811	Veekesy Footcare (India) Private Limited	Director	04-08-06	04-08-06	Active	NO
4	U19201KL2005PTC018011	Dimesco Footcare India Private Limited	Director	09-09-09	09-09-09	Active	NO

Name :

V.P. Azeez

Designation :

Director

Address :

Shelter Morayoor Post, Malappuram – 673 649, Kerala, India

Date of Birth/Age :

22.05.1956

Date of Appointment :

30.09.2010

DIN No.:

00536724

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U19202KL2002PTC015715	Slipons India Private Limited	Director	01-03-03	01-03-03	Active	NO
2	U19200KL2010PTC025679	Veekesy Shoes and Allied Products India Private Limited	Director	13-03-10	13-03-10	Active	NO
3	U19201KL2005PTC018011	Dimesco Footcare India Private Limited	Director	30-09-10	20-07-10	Active	NO

Name :

V.P. Musthafa

Designation :

Director

Address :

Kallarmangalam Post, Malappuram – 676 553, Kerala, India

Date of Birth/Age :

01.03.1975

Date of Appointment :

30.09.2010

DIN No.:

00536601

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U19201KL2004PTC017111	Diadora Shoes Private Limited	Director	20-11-04	20-11-04	Active	NO
2	U19201KL2005PTC018011	Dimesco Footcare India Private Limited	Director	30-09-10	20-07-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
K. Jisha	334
M.M. Pratibha	168
P.P. Remya	335
V. Suharabi	125
E.K. Shajida	250
V. Mohammed Abdul Kareem	187
Sajna Razak	329
V.P. Azeez	1250
P.M. Shiraz	750
V.P. Musthafa	500
K.C. Chacko	750
M. Babu	500
M.V. Venugopal	125
VKC Mammed Koya	4143
V. Abdul Razak	4750
Pottengat Mohammed Shiraz	750

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	77.00
Other top fifty shareholders	23.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Plastic and Eva Compound.

Products :

Item Code No. (ITC Code)	3901.90.90
Product Description	Plastic and Eva Compound

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Eva Compound	NA	2246400 Kg	1244525 Kg
Footwear	NA	2730000 Pair	58961 Pair

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of Travancore, Kozhikode Main Branch, Kozhikode – 673 001, Kerala, India

v The Federal Bank Limited, Cheruvannoor Branch, Feroke, Kozhikode – 673 631, Kerala, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Banks
Federal Bank OD/CC	22.261	9.923
Federal Bank Term Loan	12.827	2.415
Margin Money Loan	0.219	0.250
Federal Bank Short Term Loan	1.032	0.000
State Bank of Travancore OD A/c	0.900	0.000
State Bank of Travancore Term Loan A/c	10.269	0.000
Total	47.508	12.588

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
H.O.:
Long Term
From Directors	1.330	1.295
From Shareholders	1.960	1.995
Short Term
From Directors	1.198	0.000
From Shareholders	1.023	0.000
Branch:
Short Term
Unsecured Loans (Short Term)	0.000	6.493
From Directors	7.518	0.000
From Shareholders	5.514	0.000
Total	18.543	9.783

Banking Relations :	--
Auditors :
Name :	U. Parasurama Iyer and Company Chartered Accountants (M.V. Venugopal – Proprietor)
Address :	6/1125, Cherooty Road, Calicut – 673 032, Kerala, India
Income-tax PAN of auditor or auditor's firm :	ABOPV6220G
Related Parties (Enterprises in which KMP are interested) :	v Slipons India Private Limited v Diadora Shoes Private Limited v Veekesy Sandals (India) Private Limited v VCK Group Division II v Veekesy Polymers Private Limited v Ferrari Shoes (India) Private Limited v Caltech Polymers Private Limited v Ferrero Vinyl Technologies Private Limited v Veekesy Elastomers Private Limited v Veekesy Rubber Industries Private Limited v Kairali Sales Corporation v Veekesy Footcare (India) Private Limited v Smartak Footcare Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25979	Equity Shares	Rs.100/- each	Rs.2.598 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		2.598	2.500	2.500
2] Share Application Money		0.000	0.225	0.000
3] Reserves & Surplus		27.690	23.715	15.833
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.288	26.440	18.333
LOAN FUNDS
1] Secured Loans		47.508	12.588	7.337
2] Unsecured Loans		18.543	9.783	3.290
TOTAL BORROWING		66.051	22.371	10.627
DEFERRED TAX LIABILITIES		1.793	0.370	0.497
TOTAL		98.132	49.181	29.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.421	18.454	10.559
Capital work-in-progress		12.486	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.487	14.801	7.251
	Sundry Debtors	7.385	4.022	1.636
	Cash & Bank Balances	3.182	3.175	4.190
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances & Deposits	17.048	12.745	7.374
Total Current Assets		59.102	34.743	20.451
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.863	1.798	0.563
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.014	2.218	0.990
Total Current Liabilities		12.877	4.016	1.553
Net Current Assets		46.225	30.727	18.898
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		98.132	49.181	29.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	156.031	119.237	110.994
		Other Income	11.116	2.413	0.585
		TOTAL (A)	167.147	121.650	111.579
Less	EXPENSES
		Office Expenses	152.452	105.562	100.252
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	152.452	105.562	100.252
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.695	16.088	11.327
Less	INTEREST & BANK CHARGES (D)		6.618	2.449	2.725
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.077	13.639	8.602
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.064	1.448	1.339
	PROFIT BEFORE TAX (E-F) (G)		5.013	12.191	7.263
	TAX (H)		0.902	4.435	2.347
	PROFIT AFTER TAX (G-H) (I)		3.407	7.882	4.916
	Earnings Per Share (Rs.)		131.28	315.30	196.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.04	6.48	4.41
Net Profit Margin (PBT/Sales)	(%)	3.21	10.22	6.54
Return on Total Assets (PBT/Total Assets}	(%)	5.09	22.92	23.42
Return on Investment (ROI) (PBT/Networth)		0.17	0.46	0.40
Debt Equity Ratio (Total Liability/Networth)		2.61	1.00	0.66
Current Ratio (Current Asset/Current Liability)		4.59	8.65	13.17

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U19201KL2005PTC018011
Name of the company	DIMESCO FOOTCARE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7/330, AVKC Buildings, Post Kolathara, Calicut – 673 655, Kerala, India E-Mail: dimesco@vsnl.net
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge) Others (Fixed Assets)
Particular of charge holder	State Bank of Travancore, Kozhikode Main Branch, Kozhikode – 673 001, Kerala, India E-Mail: asa.acs@gmail.com
Nature of description of the instrument creating or modifying the charge	1. Hypothecation deed on 10^th May 2011
Date of instrument Creating the charge	10.05.2011
Amount secured by the charge	Rs.5.300 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 5% above SBT Base rate, the present effective rate being 14.5% p.a. Terms of Repayment: Within a period of 66 months, in 60 monthly installments from November 2011 Margin: 33.75% Extent and Operation of the charge: Hypothecation of plant and machinery and other fixed assets proposed to be financed Others: First charge over entire fixed assets of the Company at Kinalur Unit
Short particulars of the property charged	Hypothecation of plant and machinery and other fixed assets proposed to be financed First charge over entire fixed assets of the Company at Kinalur Unit

FIXED ASSETS:

v Land

v Buildings

v Building Construction

v Electrification

v Electrical Fittings

v Generator

v Plant and Machinery

v Tools and Stores

v Furniture

v Office Equipments

v Moulds and Dies

v Motor Vehicle

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.