MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	APEX MATCH CONSORTIUM (INDIA) PRIVATE LIMITED
Registered Office :	2nd Floor, 12/9, Santhoshraj Plaza, Subburaman St, Near Anna Bus stand, Gandhi Nagar, Madurai - 625020, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.05.2005
Com. Reg. No.:	18-056376
Capital Investment / Paid-up Capital :	Rs.0.150 Million
CIN No.: [Company Identification No.]	U24291TN2005PTC056376
IEC No.:	3505005495
PAN No.: [Permanent Account No.]	AAFCA2882G
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Supplier of Barium Nitrate.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 :	2^nd Floor, 12/9, Santhoshraj Plaza, Subburaman St, Near Anna Bus stand, Gandhi Nagar, Madurai – 625020, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@apexmatch.com mail@apexmatch.com
Website :	www.apexmatch.com
Head Office :	12/9, 2nd Floor, Santhoshraj Plaza, Subbaraman Street, Gandhi Nagar, Madurai - 625020, Tamilnadu, India
Tel. No.:	91-452-4393365
Fax No.:	91-452-4392628
E-Mail :	info@apexintl.co.in

DIRECTORS

As on: 29.07.2011

Name :

Mr. Ramasamy Shenbagarajan

Designation :

Director

Address :

5, Chairman Shanmugam Road, Sivakasi, Virudhu Nagar – 626 123, Tamilnadu, India

Date of Birth/Age :

10.10.1976

Date of Appointment :

20.05.2005

DIN No.:

02126460

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	U24292TN1981PTC008714	SRI KALISWARI FIREWORKS PRIVATE LIMITED	Whole-time director	12/11/2010	14/02/2001	-	Active	NO
2	U24291TN2005PTC056376	APEX MATCH CONSORTIUM (INDIA) PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO
3	U93090TN1949GAP002688	ALL INDIA CHAMBER OF MATCH INDUSTRIES	Director	30/06/2007	30/06/2007	-	Active	NO
4	U91100TN2009NPL073004	MATCH MANUFACTURERS SERVICE ASSOCIATION	Director	24/09/2009	24/09/2009	-	Active	NO
5	U36990TN2009PLC071891	HERBAL AND NATURAL PRODUCTS INDIA LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO

Name :

Mr. Gurusamy Nadar Nagarajan

Designation :

Director

Address :

75, N.K.R.P. Eriannanrp, Sivakasi, Virudhu Nagar – 626 123, Tamilnadu, India

Date of Birth/Age :

10.05.1959

Date of Appointment :

20.05.2005

DIN No.:

00830037

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	U17111TN1994PTC028230	GALAXY MATCH COMPANY PRIVATE LIMITED	Director	18/05/2000	18/05/2000	-	Active	NO
2	U24291TN2005PTC056376	APEX MATCH CONSORTIUM (INDIA) PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO
3	U36999TN2009PTC073250	GENTLE MATCH COMPANY PRIVATE LIMITED	Director	19/10/2009	19/10/2009	-	Active	NO

Name :

Mr. Rajkumar Jeyaprakash

Designation :

Director

Address :

48, Perumal Street, Kovilpatti, Tuticorin, Tamilnadu, India

Date of Birth/Age :

03.07.1969

Date of Appointment :

20.05.2005

DIN No.:

02229640

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	U22219TN1999PTC042962	PEACOCK OFFSET PRINTERS PRIVATE LIMITED	Managing director	03/08/1999	03/08/1999	-	Active	NO
2	U51909TN2005PTC055792	BEST MATCHES PRIVATE LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
3	U24291TN2005PTC056376	APEX MATCH CONSORTIUM (INDIA) PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO

Name :

Mr. Krishnamoorthy Saranayan

Designation :

Managing Director

Address :

43, Velayutham Road, Sivakasi, Virudhu Nagar – 626 123, Tamilnadu, India

Date of Birth/Age :

10.05.1976

Date of Appointment :

20.05.2005

DIN No.:

01437287

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	U24291TN2004PTC052557	SAFE INDEX PRIVATE LIMITED	Director	18/02/2004	18/02/2004	-	Active	NO
2	U24291TN2005PTC056376	APEX MATCH CONSORTIUM (INDIA) PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO
3	U24291TN2005PTC056535	PREMIER MATCH COMPANY PRIVATE LIMITED	Director	06/06/2005	06/06/2005	-	Active	NO

Name :

Mr. Jegatheesan Vijayanand

Designation :

Director

Address :

74, Main Road, Kovilpatti, Tuticorin, Tamilnadu, India

Date of Birth/Age :

14.09.1973

Date of Appointment :

20.05.2005

DIN No.:

00493774

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	U24291TN2003PTC051968	KADALAIYUR MATCH COMPANY PRIVATE LIMITED	Director	14/11/2003	14/11/2003	-	Active	NO
2	U24291TN2005PTC056376	APEX MATCH CONSORTIUM (INDIA) PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO

Name :

Mr. Ganesan Jayahannan

Designation :

Director

Address :

72, Javvlikadai Street, Sivakasi, Virudhu Nagar – 626 123, Tamilnadu, India

Date of Birth/Age :

13.10.1965

Date of Appointment :

20.05.2005

DIN No.:

00531122

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	U22219TN2002PTC048695	ARASAN GANESAN PRINT-TECH PRIVATE LIMITED	Director	02/04/2002	02/04/2002	-	Active	NO
2	U24291TN2005PTC056376	APEX MATCH CONSORTIUM (INDIA) PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO
3	U24291TN2006PTC059301	WETWO MATCHES PRIVATE LIMITED	Director	27/03/2006	27/03/2006	-	Active	NO
4	U24291TN2006PTC059299	JEYAKANNAN MATCHES PRIVATE LIMITED	Director	27/03/2006	27/03/2006	-	Active	NO
5	U74910TN2006PTC059325	BLACK AND WHITE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	28/03/2006	28/03/2006	29/08/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.07.2011

Names of Shareholders	No. of Shares
The Arasan Match Industries, India	1750
G. Jayakannan	4250
Sri Kaliswari Color Match Works, India	3250
R. Shenbagarajan	2750
Premier Match Company, India	2150
K. Saranyan	3850
Perefect Match Company, India	5750
The Comorin Match Industries, India	5500
J. Vijayanand	500
The President Match Company, India	2100
J. Amudha	900
Jayaprakash	920
Mani Kandaprabhu	920
M. Seethalakshmi	910
R. Pandiyarajan	5000
Hemalatha Rajan	5000

Equity Share Break up (Percentage of Total Equity)

As on: 29.07.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Supplier of Barium Nitrate.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Lakshmi Vilas Bank Limited, Sivakasi Branch, 29-E, PSR Road, P.B. No. 165, Sivakasi – 626123, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From Bank LVB ( Personally guaranted by Directors of the Company)	0.950	0.000
Total	0.950	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loan from Directors	0.516	0.641
Loan from Others	0.000	0.360
Total	0.516	1.001

Banking Relations :	--
Auditors :
Name :	R. Senthurkani Chartered Accountants
Address :	7 Km Raman Street, Sivakasi – 626189, Tamilnadu, India
PAN No.:	AMKPS2358F

CAPITAL STRUCTURE

As on: 29.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46000	Equity Shares	Rs.100/- each	Rs.4.600 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500	Equity Shares	Rs.100/- each	Rs.0.150 Million

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		0.150	0.150	0.500
2] Share Application Money		4.090	0.450	0.100
3] Reserves & Surplus		0.063	0.052	0.006
4] (Accumulated Losses)		0.000	0.000	(1.027)
NETWORTH		4.303	0.652	(0.421)
LOAN FUNDS
1] Secured Loans		0.950	0.000	0.000
2] Unsecured Loans		0.516	1.001	0.625
TOTAL BORROWING		1.466	1.001	0.625
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.769	1.653	0.204
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.917	0.550	0.316
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.239	0.000	0.000
	Sundry Debtors	3.928	3.418	1.002
	Cash & Bank Balances	0.799	1.392	0.038
	Other Current Assets	0.000	3.355	0.052
	Loans & Advances	7.207	0.000	0.852
Total Current Assets		12.173	8.165	1.944
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.112	6.786	1.871
	Other Current Liabilities	0.209	0.029	0.046
	Provisions	0.000	0.247	0.165
Total Current Liabilities		7.321	7.062	2.082
Net Current Assets		4.852	1.103	(0.138)
MISCELLANEOUS EXPENSES		0.000	0.000	0.026
TOTAL		5.769	1.653	0.204

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	70.199	56.980	22.846
		Other Income	2.380	3.555	0.346
		TOTAL	72.579	60.535	23.192
Less	EXPENSES
		Purchase	66.139	51.924	18.280
		EB Charges	0.010	0.007	0.005
		Employees Cost	0.273	0.619	0.083
		Direct Expenses	4.025	4.171	2.640
		Administrative Expenses	2.359	2.586	2.174
		Difference in Stock Value	(0.239)	0.000	0.000
		TOTAL	72.567	59.307	23.182
	PROFIT BEFORE TAX		0.012	1.228	0.010
Less	TAX		0.003	0.156	0.007
	PROFIT AFTER TAX		0.009	1.072	0.003
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.046	(1.026)	(0.992)
	Previous Year Adjustments		0.000	0.000	0.037
	BALANCE CARRIED TO THE B/S		0.055	0.046	(1.026)
	Earnings Per Share (Rs.)		6.00	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.01	1.77	0.01
Net Profit Margin (PBT/Sales)	(%)	0.02	2.16	0.04
Return on Total Assets (PBT/Total Assets}	(%)	0.09	14.09	0.44
Return on Investment (ROI) (PBT/Networth)		0.00	1.88	(0.02)
Debt Equity Ratio (Total Liability/Networth)		2.04	12.37	(6.43)
Current Ratio (Current Asset/Current Liability)		1.66	1.16	0.93

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	No
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	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	No
34]	External Agency Rating, if available	No

Note:

The Registered Office of the company has been shifted from 465, Bharathi Street, K.K. Nagar, Madurai – 625 020, Tamilnadu, India to the present address w.e.f. 12.12.2011

FINANCIAL RESULT

During the year Company has incurred a profit of Rs.0.012 Million. Due to developmental work for new product launch the profit is minimum. As there is plan for investment no dividend is declared during the year.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U24291TN2005PTC056376
Name of the company	APEX MATCH CONSORTIUM (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2nd Floor, 12/9, Santhoshraj Plaza, Subburaman St, Near Anna Bus Stand, Gandhi Nagar, Madurai - 625020, Tamilnadu, India E-mail: accounts@apexmatch.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Lakshmi Vilas Bank Limited, Sivakasi Branch, 29-E, PSR Road, P.B. No. 165, Sivakasi – 626123, Tamilnadu, India E-mail: sivakasi@lvb.in
Nature of instrument creating charge	1. letter of Hypothecation
Date of instrument Creating the charge	19.10.2011
Amount secured by the charge	Rs.6.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per circular Terms of Repayment One year upto 14.10.2012 Margin PLC/FDBP/FUBD - 25% ILC/FLC - 15% Extent and Operation of the charge Limit shall be secured in favour of the company by the way of asset cover for the loan by way of exclusive First charge over the stock of raw materials , work in progress, finished goods , store and spares, book debts receivables and all other current assets.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock of raw materials, work in progress, finished goods, stores and spares, Book debts receivables and all other current assets.

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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.