MIRA INFORM REPORT

Report Date :

19.03.2012

IDENTIFICATION DETAILS

Name :	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED [w.e.f. 07.05.2007]
Formerly Known As :	HIND PRAKASH INTERNATIONAL TRADING PRIVATE LIMITED
Registered Office :	201, Hindprakash House, Plot No. 10/6, Phase-I , GIDC, Vatva, Ahmedabad- 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.01.2003
Com. Reg. No.:	04-41909
Capital Investment / Paid-up Capital :	Rs.126.268 Millions
CIN No.: [Company Identification No.]	U51909GJ2003PTC041909
TAN No.: [Tax Deduction & Collection Account No.]	AHMH00851E
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer, Distributor and Importer of Dyes and Dye Intermediates.
No. of Employees :	60 (Office-10, Factory-50) [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 660988
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Hindprakash Group. It 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	201, Hindprakash House, Plot No. 10/6, Phase-I , GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-65127841/42/39827000 (10 Lines)
Fax No.:	91-79-66317200/39827100
E-Mail :	snn@hindprakash.com info@hindprakash.com aka@hindprakash.com
Website :	http://www.hindprakash.com
Area :	Owned Building
Ware house :	Vatva Ahmedabad, Gujarat, India
Area :	Owned- Medium Size

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Santosh Narayan Nambiar
Designation :	Director
Address :	C-001, Sagun JJyotee” B/h, Dhananjay Tower, 100 Feet Road, Shyamal Road, Satelitt, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	17.10.1970
Qualification :	B. Com
Date of Appointment :	28.01.2003
Din No.:	00144542
Name :	Mr. Sanjay Prakash Mangal
Designation :	Director
Date of Birth/Age :	18.05.1972
Date of Appointment :	09.11.2011
Name :	Mr. Vipin Prakash Mangal
Designation :	Director
Date of Birth/Age :	25.12.1967
Date of Appointment :	09.11.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Nambiar Santosh N.	10000
Mangal Sons Trust	528740
Hindprakash Tradelink Private Limited, Ahmedabad, Gujarat	450000
Hindprakash Exim Private Limited, Ahmedabad, Gujarat	450000
Mangal Brother Trust, Ahmedabad, Gujarat	341000
Deepjyoti Commodities Private Limited, Kolkata	20
Mangal Chanakayprakash V	425000
Mangal Chandrguptprakash V	225000
Mangal Radhika S	225000
Mangal Priyata S	224970
Jain PrakashChand	10000
Shah Chandravadan D.HUF.	20
Suman Finstocks Private Limited, Ahmedabad, Gujarat	20
Modi Rajendra P.	20
Sunflower Industries Private Limited, Ahmedabad, Gujarat	3639930
Modi Sachin R. HUF	20
Shah Dilip Maneklal	20
Shirshak Enterprises Private Limited, Ahmedabad, Gujarat	572110
Vidhan Paridhan Private Limited, Ahmedabad, Gujarat	10
Mangal Rashmi V	1670000
Mangal Dimple S	1670000
Neelam Fiscal Private Limited, Ahmedabad, Gujarat	10
Patel Amit Kumar Chandrakant	10
Modern Chemical Corporation through its partner Yatin B Shah	10
Bagadia Karuna M	10
Ahmedabad Sales, , Ahmedabad, Gujarat	56500
Cosmos Corporation, Ahmedabad, Gujarat	44500
Dwarkesh Corporation, Ahmedabad, Gujarat	18100
Global Corporation, Ahmedabad, Gujarat	59000
Govinda Enterprise, Ahmedabad, Gujarat	65000
Gujarat Merchandise Company, Ahmedabad, Gujarat	58000
Mangal Hemlata Omprakash	1550000
Karnavati Enterprise, Ahmedabad, Gujarat	56500
Krishna Sales Corporation, Ahmedabad, Gujarat	59000
Shankheshwar Enterprise, Ahmedabad, Gujarat	63500
Star Industries, Ahmedabad, Gujarat	9000
Transasia Corporation, Ahmedabad, Gujarat	62500
Universal Enterprise, Ahmedabad, Gujarat	10700
Vallabh Sales, Ahmedabad, Gujarat	62500
Shah Chandravadan B.	10
Bagadia Sunitadevi	10
Eureka International through its sole proprietor Yatin B Shah	10
Bharat R Shah HUF	10
Moneta Resource and Consulting Private Limited, Ahmedabad, Gujarat	10
Prakash Children Trust, Ahmedabad, Gujarat	10
Prakash Family Trust, Ahmedabad, Gujarat	10
Modi Sachin R	10000
Mangal Sanjayprakash O	10
Total	12626800

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	40.49
Directors or relatives of directors	0.16
Other top fifty shareholders	59.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer, Distributor and Importer of Dyes and Dye Intermediates.

Products :

Product Description	Item Code
Cyanuric Chloride	29336990
J Acid	29222150
Beta Nepthol	29071520
Tobias Acid	29214526

GENERAL INFORMATION

No. of Employees :

60 (Office-10, Factory-50) [Approximately]

Bankers :

· ING Vysya Bank Limited, Chanakya Near Dinesh Hall, Off. Ashram Road, Ahmedabad-380009, Gujarat, India

· IDBI Bank Limited, IDBI House, Lal Bungalow, C. G. Road, Ahmedabad-380006, Gujarat, India

· The Dhanalaxmi Bank Limited, 3, Motilal Centre, Ashram Road, Ahmedabad – 380009, Gujarat, India  

· The Hong Kong and Shanghai Banking Corporation Limited, Mardia Plaza, C. G. Road, Ahmedabad – 380006

• State Bank of India, Main Branch, Lal Darwaja, Ahmedabad-380001, Gujarat, India
• Kotak Mahindra Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign Currency Loans Banks Secured	104.740	31.089
Working Capital Loans Banks Secured	51.552	87.826
Loans Taken for Vehicles Secured	0.041	0.313
Total	156.333	119.228
Note: (Unsecured Loans including interest accrued and due, if any) The Company has created a charge in favour of State Bank of India, to the extent of Rs. 258.100 millions by way of hypothecation of stock, book debts and other chargeable current assets of the company as a security of various working capital facilities viz cash credit, FBD, LC, CEL etc. facilities. The above facilities are further collaterally secured by way of equitable mortgage of company’s immoveable property viz 19-B, Kalyan Society and 83, Thakorebhai Tower both at Ahmedabad. The above facilities are further guaranteed by two directors of the company in their personal capacity. The above Facilities are also collaterally secured by way of mortgaged property and covered under corporate guarantee of Messers Ahmedabad Chemicals Private Limited. The above Facilities are also covered under corporate guarantee of Messers Sunflower Industries Private Limited.
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other Debts Unsecured	32.181	42.280
Total	32.181	42.280
Note: (Unsecured Loans including interest accrued and due, if any) Other debt unsecured include other Loans and Advances Rs NIL, guaranteed by director in personal capacity)

Banking Relations :	--
Auditors :
Name :	Kedia and Kedia Associates Chartered Accountant
Address :	205, Kaling, 2^nd Floor, Near Mount Carmel School, B/H B. J. House, off Ashram Road, Ahmedabad, Gujarat-380009, India
Tel. No.:	91-79-26579971
Fax No.:	91-79-26579971
E-Mail :	kediaca@sancharnet.in
PAN No.:	AABFK7236R
Associates Companies:	· Sunflower Industries Private Limited
Subsidiary Companies:	Hindprakash Lonsen Industries Private Limited [U24100GJ2008PTC055401] Hindprakash (Singapore) Pte Limited (HSPL)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
19500000	Equity Shares	Rs.10/- each	Rs.195.000 Millions
500000	Preferences Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12626800	Equity Shares	Rs.10/- each	Rs.126.268 Millions

NOTE:

(During the year 3,00,000 Preference Shares has been redeemed at Rupees 25/- per shares including share premium of Rs 15/- per share, during the year.)

(During the year 2,00,000 Preference Shares has been redeemed at Rupees 40/- per shares including share premium of Rs 30/- per share, during the year.)

(The paid-up equity Share capital includes 7,00,000 (Previous Year 7,00,000) equity shares of Rs 10 each which has been allotted as fully paid up bonus shares by way of capitalization of accumulated profit)

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		126.268	64.020	64.020
2] Share Application Money		0.000	6.748	0.000
3] Reserves & Surplus		38.979	39.563	24.069
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		165.247	110.331	88.089
LOAN FUNDS
1] Secured Loans		156.333	119.228	129.361
2] Unsecured Loans		32.181	42.280	44.673
TOTAL BORROWING		188.514	161.508	174.034
DEFERRED TAX LIABILITIES		0.000	0.185	0.646
TOTAL		353.761	272.024	262.769
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.756	19.103	32.697
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		54.211	10.005	4.269
DEFERREX TAX ASSETS		0.002	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.535	47.478	44.467
	Sundry Debtors	325.715	305.605	129.566
	Cash & Bank Balances	34.677	37.145	25.152
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	134.065	156.165	151.719
Total Current Assets		555.992	546.393	350.904
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	199.569	293.424	115.060
	Other Current Liabilities	80.470	5.658	7.791
	Provisions	5.182	4.431	2.304
Total Current Liabilities		285.221	303.513	125.155
Net Current Assets		270.771	242.880	225.749
MISCELLANEOUS EXPENSES		0.021	0.036	0.054
TOTAL		353.761	272.024	262.769

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1470.554	1428.880	1343.218
		Other Income
		TOTAL	1470.554	1428.880	1343.218
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1449.961	1403.881	1333.875
		Advertising Expenses
		TOTAL	1449.961	1403.881	1333.875
	PROFIT BEFORE TAX		20.593	24.999	9.343
Less	TAX		7.733	8.065	3.308
	PROFIT AFTER TAX		12.860	16.934	6.035
Less	APPROPRIATIONS
		Proposed Dividend on Preferences Shares @ 1%	0.000	0.050	0.050
		Proposed Dividend on Equity Shares @ Rs.0.20 per Shares	2.525	1.180	1.180
		Tax on Dividend	0.419	0.209	0.209
	BALANCE CARRIED TO THE B/S		9.916	15.495	4.596
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	46.448	84.597
	IMPORTS
		Direct Import of Traded Goods (Paid in Foreign Currency Terms)	NA	722.845	731.067
		Claim, Discounts and Damages Paid	NA	12.897	0.000
		Highseas Purchases of Imported Traded Goods	NA	15.881	24.448
	TOTAL IMPORTS		NA	751.623	755.515
	Earnings Per Share (Rs.)		1.05	2.88	0.09

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.87	1.19	0.45
Return on Total Assets (PBT/Total Assets}	(%)	3.52	4.42	2.44
Return on Investment (ROI) (PBT/Networth)		0.12	0.23	0.11
Debt Equity Ratio (Total Liability/Networth)		2.86	4.21	3.40
Current Ratio (Current Asset/Current Liability)		1.94	1.80	2.80

LOCAL AGENCY FURTHER INFORMATION

NOTE: The registered office of the company has been shifted from Hind Prakash House, Ground Floor, Kalyan Society, Near M.G. Inmithakhali, Ahmedabad-380 009, Gujarat, India to the present address w.e.f. 01.05.2008.

THE YEAR UNDER REPORT:

The Indian economy is on the path of recover. The rupee was also remains relative stable during the year. So far as their company is concern the current year was favorable as compare to previous financial year. They look ahead for promising and favorable time to come.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10080837
Corporate identity number of the company	U51909GJ2003PTC041909
Name of the company	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201, Hindprakash House, Plot No. 10/6, Phase-I , GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Main Branch, Lal Darwaja, Ahmedabad-380001, Gujarat, India
Email	mclau.zoahm@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum relating to Deposit of Title Deeds for creation of further charge for Term Loan overall Limit where the initial Charge is created by way of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	04.05.2010
Amount secured by the charge	Rs.258.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1.25 % above SBAR, presently effective rate being 13.00 % p.a. with monthly rests Terms of Repayment As per Bank's sanction. Margin Finished Goods - 25 % Receivables (Cover period 90 days) Export - 50 % & Domestic - 50 % Letter of Credit (Import) - 15 % Extent and Operation of the charge All the Securities as below mentioned in Column no. 15 have been charged to the Bank in order to secure the restructured / enhanced financial assistance limit aggregating to Rs. 258.100 Millions together with interest and all other moneys payable by the Company to the Lender: Cash Credit Rs. 90.000 Millions LC limit Rs.150.000 Millions Credit Exposure Limit Rs. 18.100 Millions ------------------- Total Limit Rs. 258.100 Millions
Date of latest modification prior to the present modification	29.10.2009
Particulars of the present modification	By virtue of said modification, the charge created earlier and modified from time to time is extended for restructured / enhanced financial assistance limit of Rs. 258.100 Millions as under : Cash Credit Rs. 90.000 Millions LC limit Rs.150.000 Millions Credit Exposure Limit Rs. 18.100 Millions ------------------- Total Limit Rs. 258.100 Millions

FIXED ASSETS:

• Free Hold Land
• Lease Hold Land
• Factory Building
• Building
• Plant and Machinery
• Vehicles
• Computer
• Computer Software
• Furniture and Fixtures

AS PER WEBSITE DETAILS:

PROFILE:

Subject is a name to reckon with Color, Chemical and Textile Industry and name synonymous with qualitative marketing of its products. From own manufacturing, toll manufacturing and marketing of Color, Chemicals and Color Intermediates HINDPRAKASH today mainly successfully caters to i.e. supplies it's products to Color, Color Intermediates, Textile, Leather, Paint, Wool, Plastic, Agricultural, etc Industries. Subject is a team compile of professional young, dynamic and enthusiastic team members, rich experienced group of management and employees who are eager to deliver results within tight frame.

Subject supplies high quality Color Pigments, Specialty Chemicals and Auxiliaries. Rigid quality control and timely deliveries have resulted in volume growth and large satisfied customer base for the organization. Continuing in its efforts to maintain the objective and motto for never compromising in the quality, Subject has embodied in the organization a spirit of unfailing attitude towards the customers.

Subject is a buying and selling house with it s headquarters based at Ahmedabad i.e. west part of India in the province of Gujarat. Subject enjoys excellent relationships with it's principals and always treats it s customers as GOD. The management places great emphasis and maintaining long term and quality relationships, Subject works towards being an active business partners looking after promoting the interest of the principals.

The group turnover of Subject for the year ending 31st December 2007 was USD 50 Millions approx. Subject possess good credit rating from different agencies and the company s Dun and Bradstreet number is D-U-N-S 91-851-7595. Subject represents various multinational companies either as their suppliers or as their marketing agency and distributors.

HISTORY:

1942: The group business was started by late Shri Tejmalji Mangal at Beawar, in the province of Rajasthan, west part of India. The main activities were trading and distribution of Paper and Chemicals.

1951: Big expansions were carried out by forward integration i.e. entering into manufacturing of exercise note books and allied products, in continuation of paper and chemical trading and distribution business.

1962: A new branch office was opened in the major city of Rajasthan named Ajmer.  It was headed by a Shri Om Prakash Mangal.

1975: Again a new branch officer was opened in the capital city of Rajasthan, named Jaipur.  This was looking to the flourishing demand and need of the business.

1984: Group opened its new office at Ahmedabad, in the province of Gujarat, which is called the Manchester of textile industry in India.

1987: Group Started venturing out for manufacturing of dye Intermediates, as an locational advantage of Ahmedabad. This was the point from where group also stated timing more and more professionals in its working and ownership.

1991: Group started its first dye intermediates manufacturing plant, mainly producing Naphtelen and benezone  derivatives.

1994: Another expansion was carried out in the same field at Ahmedabad.

1997: Group again carried out expansion in the field of manufacturing dyestuff at forward integration, in addition to manufacturing of dye intermediates.

2001: Group stopped manufacturing of major dye intermediates and in turn started more focus on manufacturing of dyes and converting itself as a buying and selling house.

2005: Group made major investments in the field of logistics to support its manufacturing and trading and distribution activities. These expansion included building of own warehouse, etc.

2008: Finally, on June 01, 2008, group shifted to a single point location at Vatva, Ahmedabad, i.e. shifting its corporate head-quarters, labs, warehousing etc from different locations. All major manufacturing units and corporate head quarter are now located at Vatva, Industrial zone which is will connected to all major Railway station and Inland Air and Sea ports.

2008: Group also signed this year, a joint venture agreement with ‘LONSEN’ Group China, to start manufacturing of different auxiliaries in India.

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.50.31
UK Pound	1	Rs.79.04
Euro	1	Rs.65.82

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.