MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	SPACE WOOD FURNISHERS PRIVATE LIMITED
Registered Office :	T-48, M.I.D.C., Hingna, Nagpur – 440016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.06.1996
Com. Reg. No.:	11-100296
Capital Investment / Paid-up Capital :	Rs.33.065 Millions
CIN No.: [Company Identification No.]	U36100MH1996PTC100296
TAN No.: [Tax Deduction & Collection Account No.]	NGPS01638A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Wood Furniture Components.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 710000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge external borrowing recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	LONG TERM FUND BASED BANK FACILITIES : BB+
Rating Explanation	Inadequate credit quality it carries high credit risk.
Date	February, 2012

Rating Agency Name	ICRA
Rating	SHORT TERM NON FUND BASED BANK FACILITIES : A4+
Rating Explanation	Risk prone credit quality it carry high credit risk.
Date	February, 2012

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.

INFORMATION PARTED BY

Name :	Mr. Makrand
Designation :	General Manager
Contact No.:	91-8007772459

LOCATIONS

Registered Office / Head Office / Factory:	T-48, M.I.D.C., Hingna, Nagpur – 440016, Maharashtra, India
Tel. No.:	91–7104–324780 / 324781 / 234858 / 234857 / 235968
Mobile No.:	91-8007772459 (Mr. Makrand)
Fax No.:	91–7104–232139
E-Mail :	info@spacewood.in makrand@spacewood.in
Website :	http://www.spacewood.in
Area :	15000 acres
Location :	Leased
Branch Office :	Located At · Chennai · Pune  · New Delhi · Mumbai · Kolkata

DIRECTORS

As on 30.09.2011

Name :	Mr. Vivek Moreshwar Deshpande
Designation :	Director
Address :	“Madhav”, 67 A, Shivaji Nagar,, Nagpur – 440 010, Maharashtra, India
Date of Birth/Age :	14.11.1970
Qualification :	BE (Mech.)
Date of Appointment :	18.06.1996
DIN No.:	00023147
Voter ID No. :	UOA1372242

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	Company/ LLP Status	Defaulting status
1	U36100MH1996PTC100296	SPACE WOOD FURNISHERS PRIVATE LIMITED.	Director	18/06/1996	18/06/1996	Active	NO
2	U45400MH2007PTC170834	GREEN MEADOWS REALITIES PRIVATE LIMITED	Director	15/05/2007	15/05/2007	Active	NO
3	U51393MH2007PTC172507	PLATINUM BUSINESS INDIA PRIVATE LIMITED	Director	19/07/2007	19/07/2007	Active	NO
4	U36100MH2008PTC178053	SPACEWOOD OFFICE SOLUTIONS PRIVATE LIMITED	Director	21/01/2008	21/01/2008	Active	NO
5	U26956MH1983PTC030168	DOLPHIN HUME PIPE INDUSTRIES PRIVATE LIMITED	Director	19/07/2010	19/07/2010	Active	NO
6	U20299MH2011PTC223350	MODERN LIVING SOLUTIONS PRIVATE LIMITED	Director	20/03/2012	20/03/2012	Active	NO

Name :	Mr. Kirit Sharad Joshi
Designation :	Director
Address :	23, Trayambakeshwar, Near Dr. Choudhary’s House, New Verma Layout, Nagpur – 440 033, Maharashtra
Date of Birth/Age :	20.10.1970
Qualification :	BE (Mech.)
Date of Appointment :	09.07.1996
DIN No.:	00204902
Voter ID No. :	MT/23/137/0381102

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	Company/ LLP Status	Defaulting status
1	U36100MH1996PTC100296	SPACE WOOD FURNISHERS PRIVATE LIMITED.	Director	09/07/1996	09/07/1996	Active	NO
2	U45400MH2007PTC170834	GREEN MEADOWS REALITIES PRIVATE LIMITED	Director	15/05/2007	15/05/2007	Active	NO
3	U51393MH2007PTC172507	PLATINUM BUSINESS INDIA PRIVATE LIMITED	Director	19/07/2007	19/07/2007	Active	NO
4	U36100MH2008PTC178053	SPACEWOOD OFFICE SOLUTIONS PRIVATE LIMITED	Director	21/01/2008	21/01/2008	Active	NO
5	U26956MH1983PTC030168	DOLPHIN HUME PIPE INDUSTRIES PRIVATE LIMITED	Director	19/07/2010	19/07/2010	Active	NO
6	U20299MH2011PTC223350	MODERN LIVING SOLUTIONS PRIVATE LIMITED	Director	20/03/2012	20/03/2012	Active	NO

Name :	Mr. Nitin Sharadchandra Sudame
Designation :	Whole-time director
Address :	Prasad, 105, Swawalambi Nagar, Nagpur – 440010, Maharashtra, India
Date of Birth/Age :	23.05.1965
Date of Appointment :	01.10.2010
DIN No.:	03291500
Voter ID No. :	YKB0330752

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	Company/ LLP Status	Defaulting status
1	U36100MH1996PTC100296	SPACE WOOD FURNISHERS PRIVATE LIMITED.	Whole-time director	01/10/2010	01/10/2010	Active	NO
2	U36100MH2008PTC178053	SPACEWOOD OFFICE SOLUTIONS PRIVATE LIMITED	Director	25/02/2011	25/02/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Makrand
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vivek M. Deshpande	1389938
Kirit S. Joshi	1298138
Sharad T. Joshi	196350
Vidya S. Joshi	119532
Usha M. Deshpande	27412
Ratna K. Joshi	39205
Varsha V. Deshpande	235875
Total	3306450

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Wood Furniture Components.

Products :

Products Description	Item Code No.
Wood Furniture Components	279.9

· Kitchen Carcass from China

· High Gloss Laquer doors for Kitchen Cabinets

· Bedroom and Living Room Furniture

· Office Furniture

Exports :

Products :

Wood Furniture Components

Countries :

Middle East

Imports :

Products :

Raw Materials

Countries :

South East

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

600 (Approximately)

Bankers :

· Union Bank of India, Shriman Commercial Complex, Dhantoli, Nagpur - 440 012, Maharashtra, India

· State Bank of India

· Kotak Mahindra Bank

• Corporation Bank, 44 S.V.P Marg Kingsway, Nagpur – 440001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee Term Loans banks	70.232	71.212
Rupee Term Loans financial institutions	114.847	124.658
Foreign currency loans	133.540	0.000
Working Capital Loans banks	180.463	163.669
Working Capital Loans financial institutions	0.000	69.436
Loan taken for vehicles	1.308	0.600
Total	500.390	429.575
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors	46.850	41.850
Deferred sales tax loans	28.006	28.332
Total	74.856	70.182

Banking Relations :	--
Auditors :
Name :	C N Patel and Company Chartered Accountants
Address :	Gani Sons Charitable Trust Building, residency Road, Sadar, Nagpur – 440 001, Maharashtra, India
Tel. No.:	91-712-2584800/2584082
E-Mail :	cnpca@rediffmail.com
PAN.:	AGWPP7500Q
Associates :	Platinum Business India Private Limited (Earlier Spacewood Exports Private Limited) CIN No.: U51393MH2007PTC172507
Subsidiaries :	Spacewood Office Solutions Private Limited Spacewood Hong Kong Ltd. Dolphin Hume Pipe Industries Private Limited CIN No.: U26956MH1983PTC030168

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3306450	Equity Shares	Rs.10/- each	Rs.33.065 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		33.065	22.043	19.601
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		144.693	136.319	121.285
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		177.758	158.362	140.886
LOAN FUNDS
1] Secured Loans		500.390	429.575	333.308
2] Unsecured Loans		74.856	70.182	70.182
TOTAL BORROWING		575.246	499.757	403.490
DEFERRED TAX LIABILITIES		14.033	7.174	8.137
TOTAL		767.037	665.293	552.513
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		197.132	156.021	167.905
Capital work-in-progress		42.277	24.806	16.771
INVESTMENT		68.002	2.580	1.955
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	205.015	216.247	182.098
	Sundry Debtors	397.651	371.267	274.122
	Cash & Bank Balances	45.816	29.904	19.801
	Other Current Assets	2.000	12.012	0.000
	Loans & Advances	95.741	93.862	68.539
Total Current Assets		746.223	723.292	544.560
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	202.934	161.614	160.544
	Other Current Liabilities	60.485	47.429	0.000
	Provisions	23.415	32.363	18.134
Total Current Liabilities		286.834	241.406	178.678
Net Current Assets		459.389	481.886	365.882
MISCELLANEOUS EXPENSES		0.237	0.000	0.000
TOTAL		767.037	665.293	552.513

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1366.048	1185.790	1146.901
		Other Income
		TOTAL (A)	1366.048	1185.790	1146.901
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1244.576	1076.055
		Advertising Expenses
		TOTAL (B)	1244.576	1076.055	1114.845
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		121.472	109.735	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		56.928	58.983
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		64.544	49.752
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.242	22.311
	PROFIT BEFORE TAX (E-F) (G)		39.302	27.441	32.056
Less	TAX (H)		16.051	9.829	9.317
	PROFIT AFTER TAX (G-H) (I)		23.251	17.612	22.739
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		96.738	80.421	68.761
Less	APPROPRIATIONS
		Transfer to General Reserve	2.000	2.000	2.000
		Transfer to Foreign Currency Transaction Reserve	(0.926)	(3.282)	6.785
		Proposed Dividend	3.306	2.204	1.960
		Tax on Dividend	0.549	0.374	0.333
	BALANCE CARRIED TO THE B/S		115.060	96.738	80.421
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	27.571	35.410	21.659
	TOTAL EARNINGS		27.571	35.410	21.659
	IMPORTS
		Capital Goods	36.433	1.225	22.547
		Raw Materials	415.355	400.677	420.487
	TOTAL IMPORTS		451.788	401.902	443.034
	Earnings Per Share (Rs.)		7.31	10.55	11.60

Particulars	31.03.2012
Sales Turnover (Approximately)	1500.000

Expected Sales (2012-13) : Rs.2000.000 Millions

The above information has been parted by Mr. Makrand

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.70	1.49	2.001
Return on Total Assets (PBT/Total Assets}	(%)	4.17	2.00	4.49
Return on Investment (ROI) (PBT/Networth)		0.22	0.17	0.23
Debt Equity Ratio (Total Liability/Networth)		4.85	4.68	4.13
Current Ratio (Current Asset/Current Liability)		2.60	2.99	3.06

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
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	Yes
34]	External Agency Rating, if available	Yes

NOTE:

Registered office of the company has been shifted from N-6, MIDC, Hingna, Nagpur – 440 016, Maharashtra, India to the present address w.e.f.19.11.2009.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36100MH1996PTC100296
Name of the company	SPACE WOOD FURNISHERS PRIVATE LIMITED.
Address of the registered office or of the principal place of business in India of the company	T-48, M.I.D.C., Hingna, Nagpur – 440016, Maharashtra, India Email: info@spacewood.in
This form is for	Creation of charge
Type of charge	Book Debts Immovable Property (not being pledge) Floating charge
Particular of charge holder	Corporation Bank, 44 S.V.P Marg Kingsway, Nagpur – 440001, Maharashtra, India Email: cb209@corpbank.co.in
Nature of instrument creating charge	Common deed of hypothecation of moveable/assets/debts Guarantee agreement for Rs.56.000 Millions Guarantee agreement for Rs.30.000 Millions Agreement for term loans
Date of instrument Creating the charge	18.03.2011
Amount secured by the charge	Rs.86.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Cash Credit - Base Rate + 360 Bps I. E. 13.00 % P. A., Term Loan - Base Rate +420 Bps I.E 13.60% Pa. Terms of Repayment: Term Loan Repayable in 60 Monthly Installments of Rs.0.933 millions Each Initial Moratorium Period of 6 Months, Interest To Be Paid Separately As And When Due. Cash Credit Running Account - Repayable On Demand Subject To Annual Renewal. Margin: On term loan - 24.01% Stock - 25% Book debts - 35% Extent and Operation of the charge: Pari passu charge is created along with union bank of India on assets mentioned in points no 15(i), 15(ii) to secure repayment of principal, interest and other outstanding of the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Pari Passu first charge on inventory cum book debts/current assets pari passu charge with Union Bank of India. Pari Passu first charge on plant and machinery and other movable assets of the Company I.E Spacewood Furnishers Private Limited with Union Bank of India

Fixed Assets

· Land

· Factory Building

· Plant and Machinery

· Tools and Equipments

· Office Equipments

· Computers

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 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.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		31

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.